Analyst Shares Why Bitcoin to $3,000 Could Still Become a Reality for the BTC/USD Crypto Value
While the majority of the cryptocurrencies are in consolidation, the leading cryptocurrency is currently in the green by 0.37% while trading at $5,330, at the time of writing.
Bitcoin made a good start in the month of April when BTC went from around $5,140 to $5,350 at one point. Though bitcoin dropped down to $5,285 level, currently, it is trading above $5,300.
Bitcoin To Move One Leg Up Before Going Sub $4k
According to the crypto trader and investor Josh Rager, Bitcoin is looking stronger and that could push it up over $6,383 level. Though he would love to buy on a Bitcoin pullback around $4,300, he doesn’t see any pullbacks at the moment.
“BTC vs Majors Month Chart: BTC looks stronger & closed above resistance while other alt majors hit resistance & pulled back. Would love to long/buy on a Bitcoin pullback at $4339 – $4769 zone. Bitcoin has room to push up over $6383+ on 1M Chart so no promises on pullback atm.”
However, crypto trader Credible Crypto sees both Bitcoin and Ethereum going one more leg up before falling back down as a correction at around $4,700. However, on this leg up, he doesn’t see BTC breaking above $6k. He is expecting low $4ks again before we take over $6k.
According to him, the lows at $3,150 are already in and we might not be going that low. However, a sub $4k is a real possibility.
“BTC and ETH should get one more leg up before another larger move back down. Will look to short this next move up (once it is complete) and then look to long both once they have corrected back down. Ideally the correction should put BTC around 4.7k and ETH between $130-$140.”
Historical Patterns In Favor Of $3k Or Lower
As for the view for the rest of 2019, cryptoanalyst, Magic Poop Cannon, in his latest analysis shares the similar sentiments as of Credible Crypto as he reemphasizes why we will return to $3k to $4k range.
Talking about the Bitcoin bear history, he observes how Bitcoin has touched the bottom of the blue arch before the next bull market began. Because of this fact, Bitcoin will once again return to the bottom blue arch that could happen at $3,000 or even lower. Though Magic doesn’t think BTC will drop below $3k, he says it is “definitely possible” because the bottom of the arch is still below $3k.
“I don't necessarily believe that we will see lower low, but it could happen. Particularly near October, based on cyclical market analysis that I've shared in the past.”
To further prove this point, Magic points out NVT indicator that has “never failed.” And right now, it is flashing a powerful sell signal. Every time we had a weekly sell signal, the market fell to about 61.8% retrace that would put us at $4,100 this time.
However, he further notes that most NVT weekly sell signals sent BTC even deeper than that so from a technical perspective, it’s
Though he believes BItcoin will be “enormously valuable in the future,” in the short term he sees danger signs. According to him, even if we manage to trade upwards, there is powerful resistance around $6k.
As for the majority of 2019, he sees the top cryptocurrency continue to trade sideways between $6k and $3k that could further extend into early 2020.