Credible Crypto Analyst: Bitcoin is Working Like a Clockwork, Currently on a Short Term Retracement
The leading cryptocurrency hasn't managed to hit the $4k level yet on Bitstamp, however, since February, Bitcoin briefly touched $4,000 every single day according to the data provided by Coinmarketcap.
Bitcoin price 7-days chart, Source: Coinmarketcap
At the time of writing, Bitcoin has been trading at $3,973 with 24-hours loss of 0.20 percent. Meanwhile, the daily trading volume managed by Bitcoin is constantly dropping as it currently registeres $7.5 billion.
From here, Bitcoin is expected to make a pullback as many analysts are calling out for. It is further projected that Bitcoin might be not able to take out $4k in the first go. According to the crypto trader, Bitcoin has officially begun its retracement but it won’t be a deeper one as Credible Crypto said,
“And there we go, like clockwork. Not expecting a very deep retracement here. Areas of interest are the same that I mentioned a couple days ago. For BTC that is around $3790 and if we lose that than $3680-3720.”
But Does it Really Matter?
We recently reported how Reddit co-founder, Alexis Ohanian said that hype is gone from the crypto market but it is a good thing because now people who really care about crypto and are building remains in the market as speculators have left the crypto space. He had further shared that for an investor belonging to any market especially crypto needs to be long term.
But at this point, with Bitcoin already down over 80 percent from its all-time high, does it really matter if Bitcoin does drop another 7 percent from here. Well, as crypto trader and investor Josh Rager says no, it doesn’t.
“We've already retraced from $20k to $3,100. After you retrace 85% – what's another 5% to 7% drop compared to how low the market has already dropped. $1800 or $3000 BTC won't matter in 3x to 5x years.”
This has been in response to the crypto trader, The Crypto Dog’s “crypto has probably bottomed for the most part.” While people are calling out for even more loss that Rager says is entirely possible as he himself along with other analysts like Murad Mahmudov have been calling it a prolonged bear market and that bitcoin would register new lows.
Rager further clarifies that if we take a look at the macro picture, it wouldn’t matter if Bitcoin is at $3,100 or $1,800 because it won’t be making any huge difference and “you can buy 2 for 1 BTC if you manage to catch the bottom but 99% of people won't catch it.”
He further assures that, 99 percent of the people won’t be selling their Bitcoin at about $1,800 level anyway.