16. Juni 2024

Bitcoin back above $19,000 – but this trader sees a 30% decline coming

  • Bitcoin and the crypto-currency market as a whole have been affected by an intense upward trend in the last few days.
  • The bulls have aggressively pushed up the crypto currency and BTC has now once again broken its key resistance level of $19,000.
  • The selling pressure here has proven to be quite intense, so the firm break above this level is technically significant.
  • If the crypto currency can hold $19,000 over an extended period of time, this could be a sign that an upward trend is imminent.
  • A trader now notes that there is reason for concern, with a key level possibly acting as a factor that will trigger a decline of more than 30%.

Bitcoin and the aggregated crypto market are in a clear and firm bull market. Sellers have not been able to control recent developments, so there have only been some volatile withdrawals.

The fact that every slump is accompanied by such aggressive buying pressure means that a serious upside potential could be imminent in the near future.

Although BTC is likely to encounter some resistance around its all-time high, there is a strong Profit secret review likelihood that it will plough through sell orders here as soon as the retail investor „FOMO“ kicks in.

One trader notes that BTC may need to re-test an important technical level before a significant recovery can occur.

Bitcoin sees continued uptrend, rising above $19K

At the time of writing, Bitcoin is being traded for US$19,150. This is roughly where he has been traded in the last few hours.

It appears to be quite stable around this price level, as sellers have not yet been able to trigger an intensive sell-off. This should be a positive sign that further upside potential is imminent – although selling pressure around its all-time highs in the upper $19,000 range could be the reason for a firm rejection.

Analyst: BTC could experience a strong pullback before the rise

One trader believes that Bitcoin may need to test its 200-day MA before exceeding its all-time highs.

This could mean that a slump to $13,000-15,000 could be imminent in the coming days and weeks.

„BTC: Something to be aware of In 2017, the 200dMA underpinned the overall trend. We haven’t tested it for some time – it wouldn’t surprise us if we saw a 30-35% decline in late December/early January to retest it as support for the next stage to over $21,000“.

The coming days should therefore provide an indication as to whether this withdrawal will occur – or whether BTC will continue its parabolic rise.