As Bitcoin surged to $5k, analysts have turned bullish and now scraping their projection for Bitcoin to see another dip to the $3k bottom. But what makes them bullish?

Crypto trader and investor, Josh Rager who has been one of those calling out for a $3k bottom, no more thinks a new bottom would be coming in this Bitcoin cycle.

According to him, there were two reasons that put a case forward for Bitcoin to see the bottom at $3,100 this year. The first one is that most retail investors were waiting with their “bags open under $3k” to buy the leading cryptocurrency at a heavily discounted price from its peak and in anticipation of the next bull run that according to some experts can go as high as a million dollars per BTC.

He says the majority of these investors were ready at below $3k with orders stacked between the range of $1,800 to $3k. However, now it doesn’t matter because these have been “front run by smart money” who knew where the majority were waiting.

The second reason was that at $3,100 Bitcoin is priced just “high enough” that majority of the average investors just aren’t completely “enticed to buy.” He further stated that even at $3k this is a lot of money for most people which is just a little less than the US average monthly income.

However, while this is a significant amount for an average person, for wealthy investors who have millions to invest, it is still a “discounted price.”

Currently, Bitcoin Sitting at an Important Level

At the time of writing, Bitcoin has been trading at $5,000 with 24-hrs gains of 0.58 percent as per the data provided by Coinmarketcap while the trading volume has slid down from the past couple of days.

Rager says, Bitcoin is just isn’t sitting in the “middle of nowhere” rather at a minor resistance with more at $5,500 area. This, he says is an important level as BTC is sitting under the only resistance between its current price and $6,300.

This could very well mean that just like it sailed through $5k on April 2nd, once this resistance is broken, Bitcoin will be seeing well above $6k as well.

But he had also shared further that a “lack of follow through in the coming weeks mean potential drop.” What do you think of Mr. Rager's bitcoin price prediction and the possible status to fall back down to low $3,000 BTC/USD exchange rate value range?