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.
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.
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.
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.