Could Bitcoin’s 2019 Rally Be A Tiny Version Of 2017’s Bull Run?
Could Bitcoin’s 2019 Rally be a Tiny Version of 2017’s Bull Run?
- If Bitcoin manages to get back to $8,600, we could go over $9,200 before falling to $6,500 level
- Major support is present at $6,400 to $,7100 area
- If Bitcoin having a “Déjà-vu” moment we could crash hard
In the past 24 hours, Bitcoin has dropped down from $8,735 to $7,735 level. However, it did manage to recover some and trading at $7,956 with 24-hours loss of 7.51 percent, at the time of writing.
The leading cryptocurrency with a market capitalization of $142 billion is currently managing the daily trading volume of $23.5 billion, according to Coinmarketcap data and $1.5 billion, per Messari’s real 10, 24 hours volume.
BTC/USD chart, Source: TradingView
“The aggressive trendline (white) we've been tracking is now broken,” says Mati Greenspan, a senior analyst at eToro who says the major support is present is at $6,400 to $,7100 area.
Greenspan further says we could either be looking for a test of the conservative trendline or consolidation at the current levels.
“Price action isn't a straight line,” said crypto trader and investor Josh Rager about this tumble while further sharing that due to immense amount of volume involved in this drop, it is more likely the price has short term relief that can either last for hours or even days before we see another push down to retest support.
Meanwhile, crypto trader Credible Crypto says if Bitcoin manages to get back to the $8,600 level, he sees a bullish momentum that could take us over $9,200 before we come back down to the $6,500 and $7,200 level that he is interested in buying.
Bitcoin Getting Ready For A Big Crash?
“I wish I didn't feel a whole lot Déjà-vu right now” is what crypto analyst and trader DonAlt said while making an interesting but dreading observation. Per this analysis, the bull run of 2019 where we surged more than 110 percent – the majority of which belongs to the period from April 1st to May 31st – could be a tiny version of 2017’s bull.
In the bull run of 2017, in early January we had been at $1,175 that surged to about $20,000 in mid-December.
Yesterday, when the BTC price started going down, DonAlt said,
“I'll go net neutral at 6000 or if I get a bull setup – Until then a bear.”
The market seems to be bearish right now as even gold has beaten the flagship cryptocurrency in the short term price action.
Additionally, along with Bitcoin, altcoins dropped even harder with top cryptocurrencies down 4 to 8 percent that has the total market cap back at $255 billion from $278 billion on June 2nd and $285 billion on May 30th.