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Although many investors and analysts have viewed Bitcoin's covert response to the recent Tether / Bitfinex controversy as a sign of fundamental strength improvement, it may be too early to celebrate, as one analyst believes BTC could return to the region at more than $ 4,000 before finding significant levels of support that allow it to continue climbing higher.
While traders and investors must be ready for this downside, analysts are quick to point to a long-term trend line that shows how much Bitcoin could realistically grow in the years to come.
Bitcoin (BTC) falls in a region of $ 5,200
At the time of writing this article, Bitcoin is trading down more than 1% at its current price of $ 5,230, down from a record high of over $ 5,300 over the past 24 hours.
Unfortunately for the bulls, it seems that the controversy surrounding Tether and Bitfinex tempered BTC's upward momentum that began earlier this month, with Bitcoin appearing to lose some of its fundamental strength in favor of its low support – $ 5,000. by region.
Big Cheds, a popular cryptocurrency analyst on Twitter, recently shared a bearish sentiment with his supporters, explaining that he thought BTC would face two more downtrends that would take him to $ 4,400 before finding a solid support.
"$ BTC #Bitcoin 12 hours – Two more down stairs are expected to support about $ 4427," he said.
$ BTC #BItcoin 12 hours – Two more legs down should bring us to bear about $ 4427 pic.twitter.com/cvN4AsAY1c
– Dr. Big Cheds "Lil Pump" (@BigCheds) April 29, 2019
Income Sharks, another popular analyst, said in a recent tweet that he believed BTC would probably remain stuck in a relatively tight commercial circuit in the near future.
"Nothing new to report on $ BTC. Always in the canal and always up. We will abandon the confirmation of an interruption of the chain or the OBV, without which no position or a long position seems more logical, "they explained.
Nothing new to report $ BTC. Always in the canal and always up. Will be short on the confirmation of a channel break or a break in the OBV otherwise no position nor long does not make more sense. pic.twitter.com/RymhLtd0d2
– Income Sharks (@IncomeSharks) April 29, 2019
Despite a potentially bearish action on short-term prices, BTC's long-term outlook is good
While it's easy to get caught up in the daily price fluctuations that largely dictate market sentiment, it's important to remember that the long-term outlook for Bitcoin and the markets as a whole crypto remain bright, despite the persistent bear market.
Chonis Trading, another popular crypto analyst on Twitter, recently shared a long-term chart illustrating the upward trendline that shows how a continuation of BTC's long-standing, massive uptrend could be possible.
"$ BTC – A noticeable trend line that shows the bullish expansion that #bitcoin can achieve with superior support and not a lower resistance to the monthly chart," he said, referring to the chart presented here. -Dessous.
$ BTC – A noticeable trend line that shows the bullish expansion that #bitcoin can reach with the support above and not the resistance below on the monthly chart … pic.twitter.com/iMcrvVvSkn
– Chonis Trading-⚔️ (@BigChonis) April 28, 2019
From a short-term perspective, BTC's level of response to support in the region where the $ 5,000 is the lowest will probably dictate whether a decline in the $ 4,000 region is sustainable, but in a long-term perspective. It is very likely that the fundamental strength and the increasing adoption will allow cryptocurrency to generate significant gains.
Selected image of Shutterstock.
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