Trusted Trader Thinks Bitcoin is Topping Out, A “Significant Correction” to Follow Soon for BTC/USD


Since April 30th, the Bitcoin price has been slowly making its way upwards. On May 3rd, the price shot up from around $5,370 to $5,790. After dropping to $5,545 level, BTC climbed to $5,823 level.

At the time of writing, BTC/USD has been trading at $5,713 with 24-hours loss of 0.89 percent while trading at $6,047 on Bitfinex.

BTC/USD Chart, Source: TradingView

The leading cryptocurrency seems to be gearing up for more gains and could cross $6k and further move towards $7k. As a crypto trader, Benjamin Blunts says while shorts keeps on rising, green candles will keep on coming as well.

However, he also points out how Bitcoin has moved about 80 percent up from December’s low of $3.2k which defines an impulsive move. Hence, he very well expects a “significant correction” soon.

“Daily green dildos keep coming and shorts are still rising. This vertical rise won't last forever but i still think it has legs because everyone's still trying to short it. It stops when yall get liquidated.”

A correction seems to be on the horizon for Bitcoin that would see Bitcoin price taking a drop. But BTC keeps on rising, so when exactly it will top out? According to the veteran trader, Peter Brandt we just might be there.

In his latest analysis, he shares that Bitcoin might be topping here and also sees a correction coming up but according to him, that would be before BTC climbs to $6,500. However, it won’t be all as after $6,500 has been achieved, we will experience another big correction.

When talking about the drop, though a “significant” correction has been expected by the analysts, majority of them doesn’t see it going below $4k while some are still expecting a near $3k or below that range fall.

However, as we reported, the recent report by Adamant Capital and Delphi Digital have stated that Bitcoin bottom is in and though we can still see a drop, there is less possibility of Bitcoin seeing December low.

Recently, crypto experts, analysts, and traders have also weighed about this scenario with the majority tilting towards that yes, the bottom is really in. Of course, if you listen to the latest Warren Buffett comments one may not think but many are in alignment that Bitcoin has saw its bottom iced, going from $19,891 BTC/USD exchange rate value in December 16, 2017 to December 17, 2018 when Bitcoin was $3,208.

Now, analyst, Willy Woo shares visual showing BTC capital flows passing investment activity, depicting the capitulation period and the sign that very soon the market will gain momentum.

Woo further commented that this bear has very strong accumulation which is a hybrid of 2011 and 2015 in terms of accumulation strength, that’s why the fractals are more compressed this time around.

Bitcoin’s price is $47,368.57 BTC/USD exchange rate today. The real-time BTC market cap of $886.31 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $26.3 Billion and live coin value change of BTC -5.55 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$47,368.5680 change ~ -5.55%

Coin Market Cap

$886.31 Billion

24 Hour Volume

$26.3 Billion

24 Hour VWAP

$48.95 K

24 Hour Change

$-2,628.38

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