Do-Follow Adhere to Crypto Trader: Bitcoin Dump is Simple Correction, 16 Days without a Pullback
Bitcoin has recently fallen almost 9% in the last 24 hours. The most popular virtual currency has been growing during the last few days, allowing the crypto community to be very excited about Bitcoin’s future trend. However, the last drop has surprised several enthusiasts.
According to Alex Krüger, an economist and cryptocurrency analyst, the dump experienced by the market on February 24 was just a simple correction. As he said, prices have been growing almost vertically for 16 days without a pullback.
He mentioned that Ethereum (ETH) experienced a growth of over 38% during that period of time without a pullback. Ethereum is going to be experiencing a new network upgrade as soon as February 27. With this network upgrade called Constantinople, Ethereum is going to be reducing its new ETH issuance to 2 ETH. This is something very important for the digital asset because the price could start increasing faster if the demand for it grows.
Krüger went on explaining that People FOMOed and that once Bitcoin reached its first strong resistance at $4,200 if pulled back and fell 9%. He then said that the longer the price goes up without a pullback, the harder the crash once it comes. It is not possible for an asset to move in just one direction uninterruptedly.
Today's crypto dump was a simple correction. Prices had just gone up vertically for 16 days without a pullback. Take $ETH for example: +38% without a pullback. Levered longs piled up. People FOMOed. $BTC reached the first strong resistance ($4200) and gravity kicked in.
— Alex Krüger (@krugermacro) February 24, 2019
Once Bitcoin started to fall, most of the digital currencies in the market followed his trend. In the last 24 hours, EOS has been the biggest loser among the top 10, falling 16.44%. EOS is followed by Bitcoin Cash (BCH) dropping 16% and Ethereum, operating 15.45% down.
The cryptocurrency market has been in a bear trend since December 2017. Now, individuals and enthusiasts are waiting to see a trend reversal that would allow the most important virtual currencies to start growing once again.
The market became very excited about Bitcoin surpassing $4,000 after some weeks being traded under that value, but gravity played an important role in the last drop and correction.
According to the cryptocurrency analyst DonAlt, he expects that the market will be trading sideways until Bitcoin is able to reach $6,000. Meanwhile, the market will be operating with volatility in the current region. He has also warned that a combination of higher lows and higher highs does not mean that the bear market is over.
All the bearish altcoins setups we've been discussing on Stream for the last week are finally starting to play out.
One more leg down should finish their retracements and make them attractive again.
Staying hands off due to their weakness paid off.
Patience is key. pic.twitter.com/KPgIECFnSP
— DonAlt (@CryptoDonAlt) February 24, 2019
At press time, Bitcoin is being traded close to $3,830 and it has a market capitalization of $67.28 billion. According to CoinMaketCap, Bitcoin fell around 8.5% in the last 24 hours.