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Home / Business / Analyst: Bitcoin (BTC) Likely to pump once before there is significant reversal

Analyst: Bitcoin (BTC) Likely to pump once before there is significant reversal



Bitcoin has retained almost all of its recent winnings it has incurred over the past week and has been able to maintain the stability of its $ 5,300 monthly heights. This positive BTC action has led to an inflow of capital to other cryptographic baskets and generates gains that have led many analysts to declare "Crypto Winter" over.

Despite the celebration of the end of a long and hard-working trend in crypto markets, a prominent analyst believes that it is still too early to get excited, as Bitcoin can make a bigger one up, press before it hits a significant resistance level. which will lead to what he describes as a "significant retrace".

Bitcoin (BTC) Stable at $ 5,300

At the time of writing, Bitcoin trades up nearly 2% to its current $ 5,240 price and trades only slightly down from its newly created $ 5,300 highs. BTC is currently significantly up from its $ 3,800 monthly decline.

Although Bitcoin shows some clear signs of making some bearish price movements in the near future, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently explained that he sees a bear division building over a higher time zone.

"4h $ BTC: as others point out … RW + bear div building to high TF res … 50% = $ 4750," he said briefly, bearishly explaining that a retrace against

Despite this, Olszewicz further said that Bitcoin could continue to wave and drew a parallel between BTC's current price action and Litecoins overwhelming bullish price action last month. [19659007] "Important note that the likelihood of reversal is high but continuation is not impossible. $ LTC had the same setup last month and just kept going. I will close here a long time and will not be short, would rather Have a bid on the book than to be bulldozed by the bull continuing, "he explained.

Analyst: BTC will increase one more time before recovery

Although Bitcoin can lay the groundwork for continuing its recent bullish price trading, an analyst believes the BTC will see a significant retrace in the near future.

Lucid TA, another popular crypto analyst on Twitter, recently explained this postulation and said he expects the crypto curve to make an extra pressure upwards to $ 5,800 before facing significant opposition pushing it back down to $ 4500

"Most likely scenario in my opinion is that we see another pump before a significant retracement. Modest at $ BTC (around $ 5550 at Coinbase), though * much * more significantly so on alts. Invalid if $ 5052 switch (CB), "he said.

When the week continues and the market's price trend continues to develop, traders will hopefully get a better Understanding whether the prolonged "Crypto Winter" really is over or if the bears still have more ammunition to push the markets down.

  Featured image from Shutterstock. 




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