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.
[su_quote]“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. [/su_quote]
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.
[su_quote]“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. [/su_quote]
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.
[ads-quote-center cite=”]“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. [/ads-quote-center]
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.