Is The Crypto Bear Dead Yet? Trader Calls For Bitcoin Double Bottom

Over recent weeks, Bitcoin (BTC) has embarked on a slow and steady uptrend, moving convincingly off the mid-$3,000s. With the crypto asset recently holding above $4,000 on the back of an influx of volume, some are sure that bears in this market are ready to bite the dust.
But according to a popular trader, bears might get one last hurrah in the form of a final sell-off, which will likely mark the end of the ongoing market cycle.
Related Reading: Analyst: Bitcoin (BTC) Surging Above 4,200 Will Mark the End of the Bear Market
BTC To Double Bottom
Per analysis completed by Roger Quantrillo, there’s a likelihood that Bitcoin could find itself at $3,200 once again, in spite of the reports that this budding market is off of thin ice. Quantrillo looks to 2014-2016’s cycle, which saw BTC test a high, pullback by ~80% to a low at around ~$250, partially recover, and revisit the same low region again. This was followed by the monumental rally seen in 2017, which catapulted cryptocurrencies to the mainstream in a sudden turn of events.

Bitcoin Pullback Begins, Will BTC Drop to $6,000 This Time?
Thursday May 23, 2019

The long awaited crypto correction appears to have initialized today. After hitting resistance twice and failing to break it, Bitcoin has plunged back below $8k now as markets tumble. Analysts have been scanning the...

The post Bitcoin Pullback Begins, Will BTC Drop to $6,000 This Time? appeared first on 12bitplay - Bitcoin Play.

Bitcoin: I really think we will see a double Bottom around 3200$ between 27.05.2019 – 01.06.2019..Second scenario is last week of April with a lil bit lower price around 3k! But first one fits my overall bias! What you think @crypToBanger .. #btc #bitcoin #btcusd #crypto pic.twitter.com/tCAPuXo3Dy
— Roger Quantrillo (@rogerquantrillo) March 30, 2019

Ethereum (ETH) Price Following Rising Channel: Targets $270, $280
Tuesday May 21, 2019

ETH price is trading nicely above the $245, $240 and $232 support levels against the US Dollar. The price recently tested the $265 level and corrected lower to test the $240 support. There is...

The post Ethereum (ETH) Price Following Rising Channel: Targets $270, $280 appeared first on 12bitplay - Bitcoin Play.

Therefore, if history is repeated, BTC could find itself at the levels seen in mid-December yet again, meaning that a move to $3,200 in the coming weeks and months (Quantrillo predicts late-May) may just be imminent.
Of course, there is no guarantee that Bitcoin will follow its historical price action, but some are sure that the use of such analysis is extremely logical and viable in a market like cryptocurrencies, which are seemingly predicated on cycles alone.
Bitcoin To Break Lower
While the aforementioned analyst seems to be leaning bullish in that lower lows could be out of the cards, some are adamant that Bitcoin could easily go under $3,000 in an act of “capitulation”

Crypto Market Wrap: MATIC Moons On Binance Endorsement
Tuesday May 21, 2019

Crypto markets still consolidating; ETH looking promising, XLM and XRP slide, NEO gains and MATIC moons.  Market Wrap The consolidation has continued on crypto markets for another day. There have been slight declines but...

The post Crypto Market Wrap: MATIC Moons On Binance Endorsement appeared first on 12bitplay - Bitcoin Play.

Mahmudov, a partner at Adaptive Capital, recently argued that the cryptocurrency has yet to enter its “accumulation” region,” as it still is susceptible to lower lows. He expects for Bitcoin to enter a region of “hell,” in which the asset will range trade between $1,700 and $3,000 as 2020’s halving event nears. The reason why he expects for a sub-$3,000 is due to a combination of historical and fundamentals factors.
In a tweetstorm, Mahmudov explained that the waning number of Bitcoin-related comments on Twitter, as per BitInfo, should indicate that there remain very few people that care about decentralized, sovereign, uninflatable currency, thus limiting Bitcoin’s upside. The prominent analyst, who formerly worked on Wall Street, added that he expects for a “Final Capitulation” to play out, which will see BTC drop by potentially another 50% in a dramatic wick event.
Featured Image from Shutterstock
The post Is The Crypto Bear Dead Yet? Trader Calls For Bitcoin Double Bottom appeared first on NewsBTC.

You may also like...