There is no doubt that Bitcoin made a grand race this weekend. He rose to new highs, unprecedented for nine months, and broke through several levels of resistance. Analysts are now expecting a pullback, but how low will the BTC be this time?
Bitcoin weekend for a thousand dollars
According to Bloomberg, Bitcoin has spent its first weekend of a thousand dollars since 2017.Contrary to all expectations and staying above $ 6,000 for the better part of last week, BTC overcame resistance by $ 6,400 and grew higher. By Sunday afternoon, the BTC reached a new 2019 and a nine-month high of $ 7,500, reports coinmarketcap.com.
The daily volume rose to a record 30 billion dollars, twice as much as the entire cryptography market a couple of months ago. The market capitalization of BTC currently stands at 125 billion dollars, which is the maximum value since the beginning of September 2018. Market dominance also reached a 17-month high of 58%.
So far this year, Bitcoin has demonstrated an impressive 90 percent increase, ahead of almost all other asset classes. This move was extremely optimistic, as a full-time crypto trader and a self-styled “financial revolutionist” Fiscal Survival indicated that it was the second largest three-month candle Bitcoin ever had;
- Financial Survivalism (@Sawcruhteez) May 11, 2019
The correction has already begun at the end of Sunday and continued until the Asian trading session on Monday morning. BTC fell 2.3% on the day and is currently trading at $ 7.090. After the peak of 2019, it fell quite sharply to $ 6,830, and then slowly recovered to current levels.
Analysts expect more rollback now, and, according to EWN in early April, we can assume that Bitcoin can follow Fibonacci levels up to $ 4,300. Primary Fib ratios for key support and resistance levels are 23.6%, 38.2% and 61.8%.
Crypto Tech analyst CryptoHamster predicted growth to $ 7,500 at a level of 0.618. This is exactly what just happened, but the next forecast is not so good. An adjustment to the Fibonacci level of 0.786 will return the BTC to around $ 4,300. A similar big shock occurred during the previous bear market in 2014-15 after a similar surge.
- CryptoHamster (@CryptoHamsterIO) May 12, 2019
It is clear that apart from this guy no one expected that bitcoin will grow as high as yesterday. Most of them predicted a rebound from the main resistance of $ 6,400. In any case, the news is good for the bitcoin and cryptocurrency markets in general. A further higher move initiates the next larger bull run, but a lower correction will provide an opportunity for more accumulation during this last knockout.
Big things are waiting for Bitcoin and his brothers in 2019, and they have just begun.