When Tether Goes Up, Bitcoin and Altcoins Must Come Down: BTC Drops 6%, Expect $4K Pullback?

Bitcoin Drops Nearly 6% as Crypto Analyst says, Don’t Expect BTC Pullback to $4,000 USD Pricing Range

Bitcoin is playing the game of what goes up, must come down and Tether is the lever in control of the action. In the past 24 hours the coin market cap for all crypto assets was at $186 billion and now sits at $169 billion in a sea of red except that one bump on a log coin, Tether. That's right, the lonely USDT stablecoin is the only one left at the dinner table eating up the green vegetables available in today's market.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights

I will never give away, trade or sell your email address. You can unsubscribe at any time.


But we tend to begin with Bitcoin, the fearless leader and organic origins of the blockchain-based building blocks of the future of finance.

The leading cryptocurrency is staying well above $5k since breaking above this level on April 8th, earlier this week that has been in continuation with the last week’s significant gains.

At the time of writing, Bitcoin has been trading at $5,024 with 24-hours loss of 0.64 percent with the daily trading volume of over $806 million, as per Messari’s Real 10 24-hr volume.

BTC USD chart, Source: TradingView

Till now this year, Bitcoin has surged more than 40 percent. Could it be said that we are on our way to yet another Bitcoin rally?

It is a real possibility but analysts are expecting a pullback before Bitcoin started surging upwards. Cryptocurrency trader and investor, Credible Crypto says the reasons for him being “short” are the volume divergence during the move up, daily SFP into supply zone with a close below resistance, and EW count having confirmed that short term upside is completed.

He further says that we are “definitely” going higher as the overall trend is bullish but not before we see a small correction.

But Might Not See $4k

Industry analysts and traders are alike in this pullback approach as after seeing over 23 percent return just last week with BTC price shooting up from $4,100 to above $5k, the market needs a correction.

However, we might not get to see $4k now as economist and analyst, Alex Kruger says the Bitcoin high on Coinbase was at $5,489. So:

“Don't expect a pullback to $4000. Too deep.”

Moving downwards, he says the support levels are present at $5k, $4,780-$4,680, $4,550 (200 DMA), $4,400, and $4,200. As for making an ascent, the flagship cryptocurrency would find resistance at $5,350, $5,500, $5,750 (weak), $6,000, and $6,400.

Bitcoin Back into the Saddle

CNBC’s Brian Kelly in his latest analysis shares that there is a possibility that the $3,200 low from 2018 December will be the lowest Bitcoin will saw.

He further puts emphasis on the improving fundamentals of the top cryptocurrency that are painting a bullish picture as active addresses, one of the big metrics Kelly keeps his focus on, is up 26 percent since the January lows and transactions levels are back to the 2017 level. All of these improvements reflect a lot of network activity.

As for who is buying Bitcoin, he says, Fidelity is still very much on to its way to rolling out the institutional platform and further pointing out the record volume registered by CME. These, Kelly says are large open interest holders, the big institutions that are on all-time highs.

“Starting to see institutional investors coming here with a good fundamental tailwind and that’s got bitcoin back into the saddle again.”

Will we be seeing a new high? Kelly says, “without question.” He further notes that it is a two-year cycle and in 2020 with bitcoin halving event the supply would be cut in half. So, in these two-year people we will be seeing a:

“big upswing particularly with these institutional investments.”

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $91.17B $5,160.6751 -5.06% $5.12B
ETH $16.22B $153.3359 -6.84% $2.39B
XRP $12.11B $0.2883 -3.67% $441.73M
BCH $4.71B $265.3692 -4.05% $265.79M
LTC $4.37B $71.1284 -2.49% $923.5M
EOS $4.29B $4.5448 -4.40% $1.01B
BNB $3.12B $22.1192 -3.55% $158.8M
USDT $2.84B $0.9911 -1.45% $4.59B
XLM $1.86B $0.0975 -4.48% $45.64M
ADA $1.79B $0.0689 -3.27% $76.45M


11:20 PM Private Letter Gone Public Leaks with Ethereum-based Project M...
11:15 PM Abra Wallet Founder: Bitcoin (BTC) And Crypto Assets Can be Ex...
11:11 PM Symantec Finds New Beapy Crypto Mining Malware Is Hijacking Ch...
11:05 PM Two Scammers Charged in a 13-Count Indictment for Deceiving Vi...
09:28 PM How Bullish Is JP Morgan's Blockchain Exploration as a Means o...
08:36 PM New Scam Alert, Bitcoiner Be Aware: Schemer Disguises As “BPD ...
08:23 PM Moscow And Regions From Russia To Trial Crypto And Blockchain ...
08:17 PM Hackers Target Atlanta Hawks Online NBA Basketball Store Using...
07:58 PM Chainalysis Report Says All But 5% Of Cryptocurrency-Related C...
07:42 PM Marco Polo Blockchain Network Welcomes Japan’s SMBC Bank For T...
07:35 PM Binance, OKEx And Huobi Global Witness 30% Increase In Trading...
07:21 PM ErisX Exchange Could Open New Spot Trading Services As TDAmeri...
06:50 PM Nike Shoe Company Submits Patent And Trademark Document For ‘C...
06:46 PM Genesis Global Capital Issues $425 Million Worth Of Cryptocurr...
06:46 PM United States SEC And CFTC Jointly Warn Investors About Fraudu...
06:22 PM BITCOIN SV Price Prediction Today: Daily (BSV) Value Forecast ...
06:14 PM Ripple Has Sold $890 Million Worth Of XRP Tokens, Nearly One T...
05:46 PM Monex Plans Coincheck Exchange Trading Services Reopen In July...
05:37 PM Backpage Classified Ads Website's Use Of Bitcoin Might Be The ...
05:21 PM Samsung-Backed Blockchain Firm Blocko Partners With Hyundai Au...


Please enter your comment!
Please enter your name here

four + eleven =