Bitcoin Presents a “Very Strong Case” for a BTC Price Pullback, ‘Buy the Dip’ Opportunity Coming
With a market cap of $91 billion, the top cryptocurrency Bitcoin has turned red after seeing gains the entire last week.
Bitcoin surged about 23 percent last week when BTC went from $4,100 to close to $5,300. Though the leading cryptocurrency is in the red, it is still keeping above $5k mark as at the time of writing BTC has been trading at $5,168 with 24-hours loss of 1.59 percent. At the time of writing, the Real 10 trading volume of Bitcoin has been $638 million, as per Messari.
BTC USD price chart, Source: TradingView
BTC Price Expected To Take A Hit
Price is still above the $5k mark but experts are expecting the BTC to take a drop from here. Crypto investor and trader, Josh Rager says history says Bitcoin price won’t top higher than the $5,634 mark before it gets a pullback.
Talking about the history of Bitcoin price, he explains in the previous bear market BTC was held down “securely” under the 50 week MA and this time the 50 MA sits near the $5,634 level. Furthermore, adding horizontal resistance around $5,559 to this level brings us a “very strong case” for a potential pullback.
“BTC played out as expected, we'll continue to look for higher lows (at the moment that number is $5,051). A test up to the midline would be $5,400-$5,500.”
— Credible Crypto (@CredibleCrypto) April 9, 2019
Echoing the sentiments of Rager and Credible Crypto, crypto investor and trader DonAlt doesn't see any major moves coming up till the end of this month. He explains that before breaking down from $6k to the yearly lowest at $3,200, Bitcoin consolidated for 150 days at the $6k mark. And before breaking above the $4k mark, Bitcoin consolidated for 130 days. It is always interesting to factor in these driving forces, combined with market track records to envision accurate price predictions of bitcoin's value.
Currently, we are up 25 percent and though he won’t “rush to short,” even if the price gets rejected, he says it will take a while.
“And no I'm not putting out hopium,”
stated DonAlt who says at the current price level, generally new price positions are “incredibly risky,” and it doesn’t matter if they are long or short.
“I personally think BTC will form new range to fill in the void from the 6000 breakdown. I'd be surprised to see any major moves till end of April.”
What do you bitcoin traders and crypto investors think of these expert analysis forecasts? We know the $BTC exchange rate value was only $3,939 just two weeks ago and has already saw gains of $1,300 USD in the past few weeks, but where do we go from here?
Live Bitcoin (BTC) Price:
1 BTC/USD =$49,320.3595 change ~ 6.62%