Bitcoin Set to Either Make History or Readies for “Serious Consolidation” as BTC Price Slumps
- Bitcoin trading near $12,000 in red with a strong volume of $5.49 billion
- Until we pullback to mid $10ks, Bitcoin still “extremely bullish”
- Bitcoin’s prior two peaks came after halving, what does this mean for BTC this time?
Yesterday, Bitcoin surged to $13,900 level, the new high of 2019 only to drop down to $11,800 level. In a matter of 15 minutes, we saw a drop of $1.8k. Though the leading cryptocurrency soon again rose to $13,300, we have yet to make a strong uptrend.
Currently, Bitcoin is trading at $11,752 with 24 hours loss of 6.32 percent. But we could go even lower because the daily trading volume managed by Bitcoin is currently at $5.95 billion per Messari’s Real 10, 24 hours volume, while during the uptrend we registered only about $3.4 billion.
A downwards move with strong volume suggests even more downtrend.
Bitcoin price takes a hit to $11,200, Source: TradingView
We basically had no dips from $7,500 to $13,500 and this 18 percent drop might be all we would get this time. Trader Bob Loukas says the short term top is in, now we need to see if it will stabilize here and consolidate for a few weeks.
Per the chart shared by Loukas, after this consolidation we would shoot up straight above $20,000, making a new all-time high.
Remember this idea in thread?
Well….half way there. We should be hitting a level here where a correction OR consolidation will be needed.
Here is an extension of that idea! pic.twitter.com/PPg4JLClJE
— Bob Loukas (@BobLoukas) June 26, 2019
Bitcoin “Extremely Bullish” Still
Though the volume says a bigger downtrend, for now, it is hard to know. Crypto trader and investor, Josh Rager says if bitcoin price pulls down to the mid $10ks, this would be the big pullback prior to continuation. Still, he is “extremely bullish” and says the 18 percent pullback might be the new 30 percent we have been expecting.
People are now paying $13,000 for a single Bitcoin.
The bulls are in control 🔥
— Pomp 🌪 (@APompliano) June 26, 2019
Bitcoin is currently having the “strongest” 3-month rally since December 2017 with short positions being liquidated consistently in large batches. We are making a new all-time high in terms of mining difficulty, hash rate, transactions, and trading volume as well.
Moreover, Grayscale Investment’s Bitcoin Trust is also seeing a 40 percent premium, which is at a 10-month high. HSBC, the 7th largest bank also sent out a newsletter to their customers explaining Bitcoin, cryptos, blockchain, and other fintech terms.
In the light of Bitcoin’s recent upward trajectory, we are about to make history as, during the last two cycles, we didn’t make the prior peaks until after the halving. This time we are still about 10 months away from that event scheduled on May 21, 2020.
“We about to make history, or do we have some serious consolidation coming for the rest of this year?” questions trader Jonny Moe.
Bitcoin’s price is $39,562.20 BTC/USD exchange rate today. The real-time BTC market cap of $741.17 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $27.79 Billion and live coin value change of BTC 10.46 in the last 24 hours.