Bitcoin passed another psychologically important level — tonight cryptocurrency took a level of $ 8,000. Over the past week, the coin has managed to overcome several obstacles to further growth. The bulls weren’t scared away by negative news about the hacking of exchanges Binance.
Now BTC is at a level of 8018 dollars per day the rate has increased by 13.77 percent.
Unfortunately, bullrun can’t last forever. Some cryptoexpert indicate a high probability of rolling back the price of the asset. What a fall can be quite strong.
Forecast Bitcoin exchange rate
Popular trader Josh of reyger found some similarities with the previous uptrend with the current price action. We will remind, then Bitcoin has found its bottom in the area of $ 200, and the stage of accumulation of cryptocurrency lasted a few months at 300 dollars. After a while BTC rose sharply to $ 500, and then rolled back. The key, according to Reiger, technical indicator Super Guppy scale 3-daily chart still indicates a high probability of falling.
Josh Rager @Josh_Rager
$BTC 3D chart Super Guppy
Amazing similarity between the last bear market prior to uptrend
Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and an uptrend
Watching for a potential pullback where I’ll add more to the stack
If history repeat again, Bitcoin price will fall by at least 20 percent. After the fall will begin the second phase of accumulation, which will last about seven months. And only then we can talk about the formation of a new global parabola.
Now the market is still very bullish, so no one can tell where the pivot point to roll back. Recently, the daily volumes of trading on BitMEX has reached 10 billion dollars, it’s only the beginning. Economist Alex Krueger noted that the rise in price of Bitcoin since the beginning of this year happened even without the interest of most people out of the stock market. To make such a conclusion helped the statistics of Google Trends.
This $BTC rally is happening without the general public yet involved en masse. This is very bullish.
The message Bears on the horizon: analysts warn about the high probability of the fall of Bitcoin appeared first on crypto.by.