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Home News Bitcoin Analyst 09 Apr 2019: Bitcoin (BTC) is likely to pump again before...

Analyst 09 Apr 2019: Bitcoin (BTC) is likely to pump again before it recovers significantly

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Caribbean Dream

Bitcoin was able to save almost all of the recent profits that it received over the last week, and was able to maintain stability around its monthly highs of $ 5,300. This positive change in the BTC price led to an influx of capital into other cryptocurrencies, which led to an increase in profits due to which many analysts have announced: “Crypto Winter” ended.

Despite celebrating the end of a long and harsh bearish trend in crypto markets, one prominent analyst believes that it is too early to worry because Bitcoin can give another big uptrend before reaching a significant level of resistance, which will lead to what he describes as a “significant rollback.”

Bitcoin (BTC), stable at $ 5,300

At the time of this writing, Bitcoin is trading at an increase of almost 2% at the current price of $ 5,240 and only slightly decreased compared to the recently set maximum of $ 5,300. Currently, BTC has increased significantly compared with its monthly minimum of $ 3,800.

Although Bitcoin shows few obvious signs of a bearish price movement in the near future, Josh Olshevich, a popular analyst of cryptocurrency on Twitter, recently explained that he sees the growth of a bearish unit in a higher time zone.

“4H $ BTC: AS NOTED BY OTHERS … RW + BEAR IS DIVIDED INTO HIGH TF RES … 50% = $ 4,750,” HE SUCCINCTLY REMARKED, EXPLAINING THAT A RETURN TO $ 4,750 MAY BE UNAVOIDABLE.

Despite this, Olszewicz added that Bitcoin may well continue to grow, drawing a parallel between the current BTC price movement and Litecoin’s overwhelming bull price movement last month.

“IT IS IMPORTANT TO NOTE THAT THE PROBABILITY OF A REVERSAL IS HIGH, BUT CONTINUATION IS NOT IMPOSSIBLE. $ LTC HAD THE SAME SETTING LAST MONTH AND JUST KEPT WORKING. I WILL CLOSE LONG POSITIONS HERE AND I WILL NOT BE SHORT, I PREFER TO HAVE APPLICATIONS FOR THE BOOK RATHER THAN BEING BULLDOZED FROM THE CONTINUATION OF THE BULL, ”HE EXPLAINED.

Analyst: BTC will rise again before recovering

Although Bitcoin may lay the foundation for the continuation of the recent price increase, one analyst believes that BTC expects a significant pullback in the near future.

Lucid TA, another popular cryptanalyst on Twitter, recently explained this statement, saying that he expects the cryptocurrency to push another $ 5800 up before facing significant resistance, which will push him back to $ 4500.

“THE MOST LIKELY SCENARIO, IN MY OPINION, IS THAT WE SEE ANOTHER PUMP BEFORE A SIGNIFICANT RECOVERY. MODESTLY AT $ BTC (ABOUT $ 5550 AT COINBASE), ALTHOUGH * MUCH * MUCH * MUCH MORE IMPORTANT THAN AT ALTS. RECOGNIZED AS INVALID IF $ 5052 BREAKS (CB), ”HE SAID.

As the week continues and the price movement continues to unfold, traders will hopefully gain a better understanding of whether the long-lasting Crypto-Winter is really over, or the bears still have more ammunition to push the markets down.

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