Analyst Says Bitcoin Price (BTC/USD) Top Likely in, Expect a 30% Drop from Here
Cryptomarket is currently in a mix of red and green as the total market cap remains around $170 billion. The leading cryptocurrency is currently trading at $5,272 with 24-hours gains of 0.05 percent, as per Coinmarketcap. Meanwhile, ETH is up more than 2 percent and XRP has surged nearly 4 percent while LTC is rising close to 5 percent, at the time of writing.
The month that saw the rally is now coming to an end. The rally started when Bitcoin went from $4,100 to roughly $5,200 in a matter of hours. On April 24th, the leading cryptocurrency surged at its highest point of the year at $5,630. From here, experts have been expecting a correction and last week the news of Bitfinex and Tether took BTC/USD to just above $5,100 level.
In his latest analysis, cryptoanalyst, Magic Poop Cannon shares that according to him the top is in for the recent bull run and from here we are likely to fall “significantly”. He points out that price was strongly rejected at the weekly 50 EMA and is currently being suppressed by the 61.8 percent retrace.
Additionally, Bloomberg’s GTI Vera Convergence Divergence indicator is also sending sell signals, the first since mid-March. Magic says the NVT (Network Value to Transactions Ratio) is bearish as well.
He says at this point will be retesting “significantly lower prices.” However, if we breakout above the weekly 50 EMA, the view could change, but he doesn’t see it happening anytime soon.
For BTC to tap the weekly MA/EMA before we enter the next bull market, according to Magic is “extremely unlikely.” Pointing out to the log chart, he says we have moreover not got into contact with the lower side of the arch and it
“should happen somewhere in the 3000-4000 range.”
Analyst and trader, Benjamin Blunts also see bitcoin taking a drop but he also says, he
“wouldn't discount new highs straight from here either.”
$BTC is essentially trading sideways in some kind of triangle still but i want to point out that crypto in general has a tendency to do the opposite of obvious "patterns" and many markets have their own individual personality
I wouldnt b surprised to see this happen 4 most pain pic.twitter.com/sglvK2yVrw
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) April 30, 2019
Currently, Bitcoin is seeing flecks of green but experts are calling out a fall and as a reported crypto trader and investor Josh rager has also predicted a red May. Now, it remains to be seen how low we would go before climbing to a new high of 2019.