Bitcoin Traders Remain Wary as Bitcoin Price Recovers up to 12 in 72 hours

The price of Bitcoin increased from $3,210 to $3,588 since December 8th, and this is a 12% increase against the US dollar. In this 72-hour time frame, the crypto market included $11 billion to its valuation. This addition was to avoid the market dropping further below the $100 billion mark, which is very critical for the short-term market trend.

Major cryptocurrencies such as Ethereum and Bitcoin Cash have been able to recover from the low digits. Technical indicators also show extremely oversold conditions for these cryptocurrencies. Despite all these, investors, technical analysts, and traders alike remain wary towards this short-time cryptocurrency price trend until the main resistance levels are broken.

Predictions On Bitcoin Prices

The beginning of December saw the value of Bitcoin continuously falling and struggling to maintain its force. Bitcoin’s stability in the crypto market was also on the unstable ground. Donald, who is a prominent crypto technical analyst is of the school of thought that this will continue until Bitcoin breaks out of the resistance level of $3,700.

He stated that there would be no significant price movements as Bitcoin price will be in a range of $3,300 and $3,600.

He believes that until Bitcoin reclaims its previous trading range before the drastic fall, there will be no long swing trades. Alex Kruger, an economist recently emphasized the fact that BTC is in a better position significantly to enter a consolidation and accumulation phase. This is because Bitcoin has been able to reduce its loss during many steep market sell-offs.

Ethereum and Bitcoin Cash have recorded an overall loss of 93% and 95% respectively against the US dollars. For Bitcoin to experience a drop similar to this, it will have to drop another 72%.

Several crypto analysts have confirmed that as long as Bitcoin remains below the $3,700 resistance level, the cryptocurrency market is at risk of dropping to a new annual low. Generally, the market has taken an average of about 67 weeks to achieve a new all-time high and recover from the massive correction.

It will take until the second quarter of 2019 for the crypto market to start recovering.  This long recovery is despite positive developments such as Bakkt, Nasdaq, and NYSE futures markets which are projected to launch in the first quarter of 2019.

Bitcoin and other Altcoin have not established a proper bottom. Also, small market cap ERC20 tokens have not indicated any corrective rally signs.

Want to read more news? Visit our Bitcoin news page.

LEAVE A REPLY

Please enter your comment!
Please enter your name here