The latest Bitcoin news show mixed feelings about the movement of BTC as the most dominant cryptocurrency out there. In times when the price of Bitcoin remains relatively stable, there are still some concerns about its future.
Today, we are featuring one Bitcoin analyst which spoke to a crypto media outlet in an interview and told it that a drop to $1,850 is still very likely for the most dominant cryptocurrency. Known under his handle “Bleeding Crypto” – this analyst spoke about the crucial resistant levels and the possibility of a drop to $2,400 to $3,100 as the most likely next near-term move for BTC.
According to the analyst, BTC remained in the $2,400 region in mid-2018 for several months before it dipped to $1,850 and established a bottom after the Bitcoin Cash hard fork – which in turn led to a bearish trend of the market.
As he said, a drop to $2,450 is the first step in such scenario, stating:
“I believe so because if you look at the chart on May of 2017 we maintained support at $2,450 region for months before we dipped to $1,850 and that marked the end of the BCH fork bearish trend. We shot up from there and we never came back and really re-tested that area $2,450. So, I believe like with most significant area of support, a test back is probably as price action tends to repeat itself. So a test back of $2,450 does not seem irrational.”
His tweet also went viral:
$BTC Some of you have asked for a chart on why I am calling $2400 – $3100 drop with a possible wick to $1800. Explanation is on the chart. And the way BTC is looking right now, I hope we can even make it to the rejection point! LOL pic.twitter.com/r03HjZaQsh
— Bleeding Crypto (@Bleeding_Crypto) March 8, 2019
““Bitcoin is also at one of those funny areas where it can pump with the rest of the market. Or, it can ruin every decent looking altcoin set up and retest ATH salt levels around CT,” another trader said.
Right now, the possibilities for Bitcoin and the rest of the crypto market remain open – with a lot to be seen in the near future.
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