Bitcoin Could Leave Current Price Levels Forever, to Never Return to $4,000 BTC/USD Value Range
Bitcoin (BTC) has been operating positively in April after several months in which the digital asset was close to $4,000.
According to the recognized analyst on Twitter, Moon Overlord, the digital currency could have just bottomed. He takes a look at historical trends and compares them with the price action experienced in 2019 and since it bottomed in 2018.
Bitcoin Could Never See Current Price Levels Again
Moon Overlord wrote on Twitter that Bitcoin may have bottomed after having a look at the historical trends of its price. After the bear market experienced by the digital currency in 2012, the upward trend experienced by Bitcoin had an angle of 15 degrees.
In 2015, the upward trend was angled at 11 degrees. Finally, in 2019, the current bull trend that started at the end of 2018 had an angle of 11%.
After each #bitcoin bear market there's a clear accumulation period.
— moon (@MoonOverlord) April 25, 2019
As he mentioned in another post, the Bitcoin bottom is just in and the absolute lowest price that Bitcoin can reach is now around $4,000, even when this is unlikely at this point. He went on explaining that there are some few months of accumulation before the price starts growing once again and leaves the place forever.
This is not the only analyst that believes that $4,000 is a key level for Bitcoin. Chris Burniske, a partner at Placeholder explained that Bitcoin could fall to $4,000 due to the Tether (USDT) and Bitfinex controversies. Additionally, he said this would not be a bag sign for Bitcoin at all.
There are other enthusiasts and experts that think that Bitcoin could fall under $4,000 once again and be close to $3,000. Tone Vays, a technical analyst and recognized trader in the space, said that Bitcoin could fall close to $3,150 and that its bottom close to that level was just one part of the leg down, but not entirely.
However, Moon Overlord is convinced that there is no scenario where Bitcoin can break below this level and that momentum is shifting towards the bullish side.
Now, Bitcoin is being traded around $5338 and it has a market capitalization of $94.35 billion.