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Home / Business / Analyst: Bitcoin (BTC) is likely to pump again before retreating significantly

Analyst: Bitcoin (BTC) is likely to pump again before retreating significantly



Bitcoin has been able to maintain almost all of its recent gains in the past week, holding steady at its monthly highs of $ 5,300. This positive BTC price action has resulted in an influx of capital into other crypto currencies, resulting in gains that have led many analysts to declare the "crypto winter" over.

Despite celebrating the end of a long and tedious bear trend in the crypto markets, a prominent analyst believes that it is too early to get excited, as Bitcoin can force another upward push before encountering a significant degree of resistance, which leads to a "significant return".

Bitcoin (BTC) Stable at $ 5,300

At the time of writing, Bitcoin's current price of $ 5,240 is nearly 2%, slightly below its recently announced $ 5,300. Dollar. BTC has currently risen significantly from its monthly lows of $ 3,800.

Although Bitcoin will see little signs of bearish price movements in the near future, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently stated that he sees this as a bear division over a higher time zone.

"4h $ BTC: As others point out … RW + bear div builds up into high TFs … 50% = 4750 $," he stated curtly, explaining bearishly that a step backwards was going there $ 4,750 could be imminent.

Despite this fact, Olszewicz added that Bitcoin continued to praise itself very well, drawing a parallel between BTC's current price action and last month's overwhelming bullish price action by Litecoin. [19659007] "Important to note that the inversion probability is high, but a continuation is not impossible. $ LTC had the same setup last month and just kept going. I close the longs here and am not too short. I'd rather have banned the book than bullfests, "he explained.

Analyst: BTC Will Again Attempt to Locate Stocks

Although Bitcoin could lay the groundwork for the continuation of its recent bullish price action An analyst expects BTC to be in

Lucid TA, another popular cryptanalyst on Twitter, recently stated this thesis, saying that the cryptocurrency is another impetus eg expected towards USD 5,800 it faces sig A significant resistance that pushes it back towards $ 4,500.

"The most likely scenario, in my opinion, is that we see another pump before a significant retracement. Modest at $ BTC (about $ 5550 at Coinbase), but * much * significantly higher at altts. Invalidates when $ 5052 breaks (CB), "he said.

As the week continues, traders will hopefully develop a better understanding of it whether the long-lasting "crypto-winter" is really over or whether the bears have more ammunition to push the markets down.

  Selected image from Shutterstock. 




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