Bitcoin Trading Expert ‘The Crypto Dog’ Says $1,800 BTC and $50 ETH Wouldn’t Be Surprising
Bitcoin (BTC) has been experiencing sideways trading during the last few weeks after being traded around $3,400 and $4,100 during the last months. Enthusiasts and investors in the market are waiting for the digital currency to start growing once again after the year-long bear market that affected the whole cryptocurrency market.
Due to volatility has been falling during the last weeks, there are some analysts that are currently expecting a big movement to take place. In a recent Tweet, Hsaka Trades, a recognized crypto trader in the popular social network, released a graphic in which it is possible to see that the Bitcoin historical volatility index is reaching new lows in around two months.
$BTC volatility testing a fresh demand zone.
B I G M O V E I N C O M I N G. pic.twitter.com/u1YqmSy42k
— Hsaka (@HsakaTrades) February 5, 2019
Bitcoin is currently in the longest bear-trend in history. The cryptocurrency dropped from $20,000 in December 2017 down to $3,250 in December 2018. That represents an 82% decrease in its price. Thus, following this trend and The Crypto Dog’s prediction, Bitcoin could fall under $3,000 and reach new lows in more than a year.
The Crypto Dog mentioned that he has been saying this several times in the past and that this is not new. He has also explained that Bitcoin has a small chance to reach $1,200. However, he is not so sure that the market can drop that far.
At the time or writing, Bitcoin is being traded around $3,411 and it has a market capitalization of $59.78 billion. In the last 24 hours, the digital currency dropped 1.56%, similar to what other cryptocurrencies did during the same period of time.
Remaining above $3,400 is very important for Bitcoin since dropping further could harm significantly the most popular digital asset.