Bitcoin Could Retrace And Trade Close To $6,000 In The Near Future Based On Past History Data

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.

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.

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

1 COMMENT

  1. Normally some big mining farms dump their rewards weekly (about $100M per week and about $50M related to Bitmain) this weekend so maybe they can hold for one more week. We can go up or sideways until then.

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