Analyst Says Bitcoin (BTC) Could See More than 40% Pullback Within Next Two Months
At the end of last month only, Bitcoin had started making its way upwards that took it to $5,000 from about $4,100 in an hour and since then it has managed to stay above $5k, for the most part. In tandem with BTC, altcoins also climbed up taking the total market cap to above $180 billion.
The leading cryptocurrency, however, has taken a drop yet again after crossing the $5,300 mark yesterday as BTC USD trades at $5,291 with 24-hours loss of 0.77 percent, as per Coinmarketcap data. Altcoins are also registering a lot of red as the capitalization of overall market slides down to $177 billion.
However, BTC has been expected to make a correction here and retrace to just above $4k, as per any experts, unlike the previous call out for serious pullbacks to below $3k and even as low as $1,800 according to some.
April’s green rally has changed these perceptions as analysts and traders now see Bitcoin going to a higher low that may not even get to see $4k this time. But not everyone is all bullish in the short term.
For the starters, the similarities of the ongoing bear market chart have with 2015’s bear market points out a double bottom that calls for a drop. Analyst, Magic Poop Cannon that has been predicting a fall in the coming weeks is now seeing it go to near $3k level.
This may sound crazy right now, but I think we could see a 40% pullback, or more, possibly within the next two months.
— MAGIC (@MagicPoopCannon) April 21, 2019
Magic is calling out for a pullback of 40 percent, which could even be more in the next two months. This retrace would take Bitcoin back to $3,180 level. If BTC does manage to go back to this level, it would provide a huge ‘buy the dip’ opportunity for the investors as the target for the next bull run for the flagship cryptocurrency has been more than the last ATH and as high as $1 million.
18 days of sideways and the vast majority of altcoins have plummeted or begun doing so.
This is why I object every time someone says something is absolutely going to happen.
That's not how it works.
Just because you want something to happen doesn't mean it will. pic.twitter.com/Tvl60hlJEh
— DonAlt (@CryptoDonAlt) April 20, 2019
However, at this point, it remains to be seen, how low BTC would drop as there have been all sorts of BTC price predictions and as we reported recently, the Adamant report also observed that Bitcoin may see more fall while pointing out that it is currently in heavy accumulation. Talking about the Bitcoin bottom, it stated that the volatility lows suggest bottom proximity.
Recently, market experts shared their views on if Bitcoin bottom is in, to which Fundstrat’s Tom Lee has this take
“Even the bearish side is a lot closer to 50%.”
Is the bottom in, final figures…
% probability Bitcoin has bottomed:
— Willy Woo (@woonomic) April 20, 2019
Live Bitcoin (BTC) Price:
1 BTC/USD =$55,026.5431 change ~ -0.12%