Last Chance to Buy Bitcoin at a Dip Coming Before the Next $BTC Price Run to $6,800 USD
Over the weekend, Bitcoin price took a drop to $5,225 level from $5,335 and went red. Following the leading cryptocurrency, altcoins registered losses as well.
However, just like past few weeks, we have entered into a new week in green as BTC USD trades at $5,316 with 24-hours gains of 0.41 percent. The broad market is slowly turning green as well with Binance Coin (BNB) leading with 6.59 percent while top cryptos maintain gains between 1 to 3 percent range, as per Coinmarketcap data.
The market might have turned green but the uncertainty still looms as analyst expects another drop in the coming weeks. Analyst and trader Magic Poop Cannon went as far as calling out a drop of 40 percent or more that would see BTC back to $3,180 level.
Crypto trader, Jonny Moe is also seeing a terrible looking Bitcoin chart which makes the next few months crucial to be watched carefully for the low we would be putting in this time.
“While I still think the BTC chart looks terrible, and while I'm still holding my BCH shorts because it looks even more terrible, I can't help but notice this continued bid demand building underneath price on Bitmex. Makes a short nervous. Watching closely.”
Still Time To Accumulate
There is no denying the similarities between the bear market chart of 2015 and the ongoing one. Now, according to one crypto analyst, the comparison of both the charts states we may also be trading in a very similar moving average.
If we take a look at the 50-week moving average, in 2015 there was an initial bounce off of that back only to be followed by a lengthy accumulation of just above 100 days after Bitcoin gets pulled back again.
Bitcoin bull run started in full only when it retested the 50 EMA and broke through this level in October after first testing it in July. As per this, a bounce back could see us going to low $4k and remain here for a few months before moving back up to the previous resistance level.
“Bitcoin 3 day chart to slow the action down for a more clearer pic. We need to HOLD the price OVER the 100MA gold line, and the 300MA light blue line. If so, we have another chance to make a run at the Weekly 50 MA at $5,547.”
See red arrows for previous patterns in 2015, versus 2019 on the last pic. Also, a possible trend reversal and Bull run in 105 days (approx, bro science calculation) pic.twitter.com/JN9EeBRUPU
— @CryptoChartsJoe (#bullmarketstarts10/19) (@CryptoChartsJoe) April 21, 2019
The sentiments are echoed by a number of analysts as they see BTC correcting before making a move upward but according to some, we might not get to see $4k exactly. Crypto trader GalaxyBTC is calling out for a correction to $4,600 before we go higher and closer to the $7k mark.
Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800.
Similarities in both candles and volume. pic.twitter.com/IGivErxz5Q
— Galaxy (@galaxyBTC) April 20, 2019
BTC dominance is slowly increasing as from 50 percent on April 1st, it has grown to over 52 percent. Bitcoin volatility, on the other hand, is at a two year low while steady accumulation is driving the market movement that is expected to continue for the next few months.