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Bitcoin's share price action over the past 18 months has been rather hectic: many investors have accumulated near instantaneous wealth at the end of 2017, followed by huge losses for those who have continued to hold their investments in Bitcoin or other cryptographic investments.
Despite this, those who have done and continue to do so are doing so because of a fundamental belief in technology or, at the very least, a belief that the markets will eventually reach record levels, if not higher, than their own. previous records. .
That said, recent comments by a prominent badyst on the potential for higher Bitcoin prices will certainly rebadure troubled crypto investors who have been discouraged by recent market conditions.
Bitcoin (BTC) down to $ 4,000 because the support level may be broken
At the time of writing this article, Bitcoin is trading at over 1%, at its current price of $ 4,015, just a hair's breadth above its recently established support level of $ 4,000.
Yesterday, Josh Rager, a popular cryptocurrency trader on Twitter, explained that the lack of buying pressure above $ 4,000 could bring the price of BTC to $ 3,500, which could be reached soon if Crypto speculators could not keep the price of Bitcoin above $ 4,000.
"$ BTC weekly chart. Gandalf holds $ BTC below the average level of $ 4,200. Bitcoin should not exceed the current resistance. So, my goal for the next drop is a previous support of nearly 3500 dollars, "he said.
$ BTC Weekly table
Gandalf is holding $ BTC below the average level of $ 4,200
Bitcoin should not exceed the current resistance
So, my goal for the next fall is a previous support in the order of $ 3500 pic.twitter.com/BGUWMmAl4V
– Josh Rager ? (@Josh_Rager) March 20, 2019
Naeem Aslam, Senior Market Analyst at Think Markets UK, recently spoke of the importance of the $ 4,000 level, noting that this would indicate the future trend of the markets.
"We are constantly asking questions about the Bitcoin fight with the $ 4,000 mark. The result of this battle sets the tone for a bullish or bearish trend, "he said, adding that this price level had become" a question of death or life for crypto traders. "
Could Bitcoin increase up to $ 400,000 after that?
Although Bitcoin's instability around its current price levels appears to be significant in the short term, it could be very insignificant in the long run, as Aslam estimates that the BTC could reach $ 400,000.
"I personally think that each bitcoin can go up to $ 400,000 and if history repeats itself, that number is not a fool's paradise. This is a simple mathematical calculation: an approximate percentage of the price projection we experienced during the last uptrend, "he explained optimistically.
With that in mind, for traders who are waiting to buy the low, the risk / return ratio simply does not make sense.
Ryan Selkis, a well-known figure in the cryptography industry, spoke of the absurdity of trying to buy a fund while a huge potential potential for BTC is also considerable in a recent tweet.
"I would be extremely surprised that the bottom was not hit by this bear market in $ BTC. If you have been away, what do you expect if it is now? If you're a long-time bull, 5-year EV is worth 25 to 50 times, and you'll wait until you can record a 20% more attractive entry? "
I would be extremely surprised if the background was not there for that $ BTC bear market.
If you are on the sidelines, what do you expect if it is now?
If you are a long-time bull, the EV at 5 is 25-50x and you will wait until the entry is 20% more attractive?
– Ryan Selkis (@twobitidiot) March 21, 2019
As market price action continues to unfold, traders and investors need to keep in mind the huge potential of Bitcoin and all markets must increase significantly in the coming years.
Selected image of Shutterstock.
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