Bitcoin Could Retrace And Be Traded Close To $6,000 In The Near Future
Bitcoin (BTC) was recently able to surpass $7,500 for the first time in over 8 months. This is very positive for the digital currency that has been in a bear trend throughout 2018 and that in 2019 started to recover its price. However, Bitcoin could drop back to $6,000 if history repeats itself.
Could Bitcoin Retrace To $6,000?
Bitcoin has experienced very positive days during the last few weeks. This allowed the most popular cryptocurrency to go out from a bear trend and reach the highest price level in 8 months when it dropped under $6,000.
The recognized cryptocurrency trader Josh Rager explained that there are some similarities with the price action experienced back in 2015. At that time, Bitcoin was also recovering from a bear market in which the digital currency dropped down to $200.
He explained that Bitcoin had a parabolic push after an accumulation period that was followed by a pullback and uptrend. This is why Rager says that he is watching for a potential pullback where he would add more digital assets to his portfolio.
$BTC – 3D chart Super Guppy
Amazing similarity between the last bear market prior to uptrend
Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend
Watching for a potential pullback where I'll add more to the stack pic.twitter.com/JABErMhlMq
— Josh Rager 📈 (@Josh_Rager) May 12, 2019
That means that if Bitcoin follows this same trend, the digital currency could fall 20% from the current levels. This could also be the beginning of the second phase of accumulation in which users will be able to gather more funds before the continuation of the bull run. The next months could be very important since the accumulation period would last until the block halving event that could be the beginning of a new bull run.
Nonetheless, the price action that Bitcoin experienced was very bullish. Alex Krüger, a recognized crypto investor and analyst, explained that Bitcoin is currently in a bull rally without the general public being involved as in past bullish actions.
Google Trends shows that Bitcoin interest remains low despite the fact that the digital currency moved from $5,000 to over $7,500 in just a few weeks.
At the time of writing this article, Bitcoin is being traded around $7,050 and it has a market capitalization of almost $125 billion. In the last 24 hours, Bitcoin dropped 4.41%, similar to what other digital assets experienced.