Expert: Bitcoin is unlikely to rise above $ 5,000 in the near future

On December 17, just four days the price of Bitcoin increased from 3181 to $ 4073, on all major exchanges main cryptocurrency has risen by 28 per cent. However, BTC still dropping for a longer period of time — 30 days ago, it cost 4400 dollars. Recall that for confirmation of the bullish trend at least in the medium term coin needs to gain a foothold above this mark.

When Bitcoin starts to grow

According to the trader under the name of The Crypto Dog, it’s too early to make premature conclusions about the uptrend. And although Bitcoin really has risen strongly in recent days, to reach the $ 5,000 he needs to overcome several serious obstacles.

Bitcoin found support around the level of $ 3,000. If the bulls manage to break above 4500 and 4800 dollars, the last line of resistance will be the area of 5400 dollars. At the moment I don’t think that cryptocurrency will be able to reach that level in the near future. Even an increase above $ 4,500 is still in question.

Today daily trading volume on Bitcoin is about us $ 8.7 billion. This is almost two times more than it was last week. The increase indicates a strong interest of buyers in the area from 3000 to 3500 dollars.

Source: CCN

The analyst also added that the cryptocurrency is approaching the final phase of the bear market. However, before a final change of trend, we still have to go through several months of stability with low volatility asset. In other words, Bitcoin long enough to walk in a range from 3000 to 5400 dollars.

Positive movement of the main cryptocurrency much impact on the rest of the stock market. It is noteworthy that of the top 10 coins our rating of the most profit was made on a fork of Bitcoin Bitcoin Cash. Over the past week it has grown by 175 percent from 80 to 220 dollars.


Leave a Reply

Your email address will not be published. Required fields are marked *