The latest Bitcoin news show that the price of the most dominant cryptocurrency is currently hovering around the $3,500 margin. However, no one is certain if Bitcoin will continue with this performance, especially not after last week’s sell-off which led many analysts to believe about whether BTC could sustain its price movement.
According to one crypto brokerage firm named BitOoda, a further decline is likely but may strengthen – and not weaken – BTC in the long run.
As the Executive Vice President of the company Brian Donovan said when writing a daily note to clients, Bitcoin is right now mimicking the trajectory of the 2011 silver bubble during which the precious metal prices exploded to nearly $50 and then crashed soon after. Right now, silver is trading at $15.59 which is nearly 70% down from its April 2011 high.
According to Donovan, the silver boom could provide hints about Bitcoin’s mid-term prospects. Unfortunately for bulls, this may also bring the price of Bitcoin to $2,400 and a stormy forecast could see this flagship cryptocurrency drop before establishing its footing.
As Donovan wrote:
“We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400.”
He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“$BTC – I’m leaning towards another leg up if there’s a strong reaction from the ~$5300 area. If there’s a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade. Whichever scenario happens, the end goal is the same ($5300),” @CryptoUB tweeted.Another great pattern to note, in comparison with the Bitcoin to $6k trend is the ascending trendline of BTC which may lead it to climb higher in the near future. As another analyst named Alex Kruger tweeted:
“$BTC hugging this trendline, in play since the April breakout."Kruger's comment was featured on many best cryptocurrency news sites. All of this shows that Bitcoin to $6k is a reality and that BTC may be on track for a new move into the $6,000 region. Despite the reversal and the crypto currency news showing that a boom on the altcoin market is possible, BTC may clmb in as high as $6,400 according to Josh Rager, another popular analyst on Twitter.
“$BTC – possible scenario: Bitcoin continues to make its way up to the peak interest area at $6400+. Lots of historical volume at this level and would create peak fomo. This is where people who bought previously at $6k have the opportunity sell to fomo buyers before a retrace,” Rager tweeted.
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