Bitcoin has lost its momentum, and before ten days it even failed to break above $5,400. Bitcoin or BTC has always been stable above $5,000 and was slowly rising towards $5,300. It has been predicted by an analyst that Bitcoin will have enough buying pressure in order to rise its value above $5,800 and at that value when BTC will face enough selling pressure, it will again face a large drop in value, as reported by blockchain and cryptocurrency news.
Bitcoin is currently trading around $5,300, which is up from the current $5,230. Even though BTC hasn’t been able to provide any sort of strong gains, the current level of resistance is marked at $5,400. This is the level where BTC has failed to cross recently, and any advancements above this level will lead to selling pressure and the value being pushed a lot lower. Still, BTC has the current strength to push it above $5,800.
A popular cryptocurrency trader, known as XC, shared his insight on Twitter that BTC will see another rise to the $5,700 value mark region, which he terms as ‘scam move’ after which it will eventually fall back down in value. In his Twitter post, XC described in terms of graphical measurements that there are weak bearish moves all over the board or in his case, the graph, and therefore, he predicts that the top-most value of BTC will reach to a maximum of $5,777, and after that the value will slowly come crashing down.
All the cryptocurrency traders and analysts have seen a specific kind of pattern for the BTC, and that is the ‘golden cross’ pattern. This is the kind of pattern that BTC has been closely forming for some time now. Even though this pattern was previously termed to be hypothetical, it is much real now. This pattern formation can turn out to be highly bullish behaviour for the cryptocurrency platform.
It is being believed by one analyst that this pattern formation will lead to the high volatility of BTC. And therefore, it can either send the price of Bitcoin surging upwards or even downwards as well. This will solely depend on the bulls and bears, as they will have the opportunity to strike when they like and thus control the whole BTC market. This will especially set a bad precedent for the cryptocurrency market, and this pattern may slowly move towards other forms of cryptocurrency as well.
Even though there should not be any kind of massive movements in price over the next couple or even several days, which may change the timing of the goldern cross pattern – no investor or trader to give in to this faux stability that is being shown by BTC, because this stability will not be lasting long. They should not take this stability of the BTC for granted, as they do not know what lies ahead.