Analyst Says Bitcoin Should Finish this Weekend Above $3,700 if it Wants to Keep Growing
Bitcoin and cryptocurrencies experienced a new drop that dragged the market down once again during the last week. Since that time, most of the cryptocurrencies in the market are operating stably and without large price swings. However, there is an analyst that believes that if the market is not able to finish this weekend close to $3,700 it will then fall down to $3,000.
According to CoinMarketCap, Bitcoin was traded during the last few days close to $3,665. During short periods of time, it was traded under or above this number, but very close to it. Earlier the last week, Bitcoin was traded close to $4,100 and then it dropped down to almost $3,600.
The popular cryptocurrency trader and analyst @CryptoDonAlt wrote on Twitter that if the market does not retest $3,700 on the weekend and is not able to close above that number, Bitcoin could fall down to $3,350.
$BTC daily update:
Clean break of support.
If we do retest 3700 on the weekend and don't manage to close above there I'm expecting ~3350.
I'll most likely close my hedge short there.
This is the reason why you shouldn't trust mismatched patterns – it's an easy way to get rekt. pic.twitter.com/IBVroGpptA
— DonAlt (@CryptoDonAlt) January 12, 2019
This is a very short term price analysis. But there are other analysts and experts that believe that Bitcoin is being traded in a wider price range.
He commented about it:
“It seems now, that bitcoin has opened a new mini-range within that form $3,550 to approximately $4,200. Movements within a range can sometimes be sudden like we saw yesterday, but unless there’s a breakout of the key levels there really isn’t much to write home about.”
At the time of writing this article, digital assets are operating in a stable range. The whole market capitalization is $122.59 billion. Bitcoin can be purchased for $3,670 and it has a market cap of $64.15 billion. In the last 24 hours, Bitcoin increased its price by just 0.31%.
The biggest winners in the top 10 are Stellar Lumens (XLM) that registered a 4.26% increase and Bitcoin SV (BSV) that grew 3.53%. The biggest losers in the top 10 were Tron (TRX) falling 2.31% and Ethereum (ETH) decreasing 0.79% in the last 24 hours. Most of the other digital currencies are moving between -1% and 1%.