Crypto Asset Analyst Says Bitcoin is Currently Hitting “Titanium Level Resistance”, Not Bottomed Yet


A few days ago, Bitcoin (BTC) was able to surpass $4,000 after a few days under this level. Everyone was very excited about it since Bitcoin has not seen a new low since the beginning of December, more than a month ago. After this price action, several analysts started to talk about the market and how they believe that it is going to perform in the coming months and weeks.

According to Murad Mahmudov, a recognized cryptoanalyst said that there is a Titanium level of resistance in the current prices. He mentioned that if Bitcoin is able to break these levels, then it might be possible to see $4,800.

Later, he mentioned that the Bitcoin Network Value Transaction Ratio (NVT) does not provide confidence to traders. According to his analysis, Bitcoin is still overvalued. Additionally, he said that BTC/USD long/short ratio is also reaching the highest levels since summer. If the upward trend continues, those who are long could get liquidated in the near future.

In addition to it, he believes that the market has not yet reached a bottom and there is still a chance that the bear market could continue. In order to back this, he said that the Bitcoin network Momentum has not yet reached the level that it had during the bottom registered in January 2015.

The expert has also been talking with Tone Vays about the future of Bitcoin and how its price will evolve. According to him, Bitcoin will likely find a floor between $1,800 and $2,400. At the same time, he pointed that some altcoins are completely overvalued and they might drag Bitcoin down even further if they fall. That means that Bitcoin could fall almost 50% from its current price.

Nevertheless, Mahmudov remains bullish for the long-term. Indeed, he said that he would not spend Bitcoin for at least a decade from now. He mentioned that there is no sense to spend Bitcoin between $4,000 and $20,000 because it has incredible upside potential and an asymmetric risk profile.

Anthony Pompliano, another recognized expert in the space, predicted that Bitcoin could fall under $3,000 in the short term. However, he has also marked that the most popular digital asset could also reach $50,000 or even $100,000, the main question is when is it going to happen.

The Twitter user Moon Overlord, has also posted two graphics. The first one shows Bitcoin bottoming at current levels and starting to grow in around 266 days, which is the same what happened in 2015.

Nevertheless, he then asked what would happen if we have another dop in the near future. Something similar to what happened in 2015. In this graphic, if Bitcoin drops even further, it can be traded under $2,000 in a similar range proposed by Mahmudov.

Currently, Bitcoin is being traded around $4,065 and it has a market capitalization of $71.02 billion.

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