Bitcoin Trader Predicts a Red May But Believes Price Could Still Push to $6,400
The last 24-hours have been really interesting and volatile for the flagship cryptocurrency as BTC price went from around $5,360 to $5,615 yesterday. In a matter of minutes, the price had surged roughly 3 percent, going from $5,460 to above $5,600. However, the price went back to $5,490, trading just around $5,500 for most of the day.
Today, initially, BTC price dropped down to $5,485 level before crossing $5,600 level yet again. This level has been seen after over five months.
However, in under an hour, the price of the top cryptocurrency saw a lot of movement as it fell down to $5,420 level. At the time of writing, Bitcoin has been trading at $5,515 with 24-hours loss of 0.96 percent, as per Coinmarketcap data.
The market dominance of the leading cryptocurrency has also surged from just above 53 percent yesterday to 54.7 percent today. This has been due to the severe pullback in the altcoins that has the total market cap slid down to $178 billion.
Out of the top 10 cryptos, Bitcoin Cash (BCH) is the biggest loser with 9 percent losses while EOS, Cardano (ADA), and Litecoin (LTC) are all down more than 8 percent. Though XRP didn’t see much gains, it did fall hard with cryptos by 7.51 percent, roughly the same as Stellar (XLM) and Tron (TRX).
Bitcoin Could Go to $6,400 Before Seeing a Pullback
Recently, we reported the formation of Golden Cross for the first time since 2015, as the 50 day moving average rises above the 200-day moving average which is a bullish pattern. About this Mati Greenspan, senior analyst at eToro says,
“Following the extraordinary surge on April 2nd, many people were looking for some sort of continuation and now that we’ve broken the interim resistance of $5,350 it seems we have one.”
Bitcoin might be in red but it is expected by the crypto trader and investor Josh Rager that the leading cryptocurrency could continue to make its way up to the “peak interest area” at above $6,400. At this level, there is lots of historical volumes that he says would create peak FOMO.
“This is where people who bought previously at $6k have the opportunity sell to fomo buyers before a retrace.”
BTC longs decreasing and shorts are rising
I believe far too many people completely missed this $BTC pump altogether or are short and no one is fomo piling in yet
I would not be surprised to see a big fuck off green dildo which would rekt shorts and cause the masses 2 pile in https://t.co/KQzqLgkw55
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) April 24, 2019
Till date in this year Bitcoin is up more than 45 percent showing a great recovery from the yearly low at $3,200 in December last year. As we come to the end of the April, with about a week left, Rager predicts May to be a “red” month but even still, he believes Bitcoin would surely push to $6,400.
In the short term, we might be seeing the red coming before BTC starts making its way upwards but in the long term, Bitcoin is like gold in early stages but growing over 100 times faster.
Bitcoin today, monetarily speaking, is only a few steps ahead of where pieces of unrefined gold were when Neaderthals first discovered them in the ground.
But its monetization is going to happen >100x faster because we now live in a deeply interconnected & accelerating world.
— Murad Mahmudov 🚀 (@MustStopMurad) April 24, 2019