Bitcoin (BTC) is beginning to retrace its steps back to the top, after a seemingly devastating drop from its 2019 highs. As BTC gets on its pace again, hope is beginning to build around the cryptocurrency sphere, giving muted crypto analysts to start lending their voices as to the next price course of the digital currency.
Bitcoin’s failure to break above resistance levels which many pundits thought would push its price beyond its hallmark really initiated disbelieve among about its future. However, a crypto analyst has recently claimed that BTC would retest its 2019 All Time High very soon.
Bitcoin experienced an encouraging parabolic movement few days ago. It surged towards breaking $14,000 resistance level before a huge price retraction that subjected the whole crypto market into a historic dilemma.
Other digital currencies were also affected heavily, as many of them recorded about 20% price plummet within 24 hours. Ripple XRP dropped below 40 Cents from relatively 49 Cents, while Ethereum (ETH) crashed from around $370 to under $300, and this applied to other major cryptocurrencies. All these probably came to play due to Bitcoin (BTC) market dominance.
As Bitcoin was undergoing consistent price correction, it was persistently envisaged that BTC would drop below $4,000 resistance level. Nevertheless, bears brought the digital currency below $10,000 support level from relatively $13,750 resistance level before the present resurgence.
Bitcoin seemed to be back on top of the market, holding unto $9,700 as strong support level for the next possible uptrend. However, its next move could be quite unpredictable due to growth fluctuation it exhibited lately.
At the time of filing this report, BTC is trading at $11,306.20, with about 12% price surge in the last 24 hours.
Analyst Says Bitcoin Could Be On the Move of Retesting 2019 All Time High
Few hours ago, a popular crypto analyst foretold the recent price resurgence Bitcoin is experiencing. BTC was actually on the course of dropping below $9,000 support level before it sprang back to $10,500 within minutes.
In the tweet, the analyst illustrated the indications on the analytical chart he monitored. According to his report, he foretold that Bitcoin could experience another price break-out that could take its price up to $11,000 resistance level as at then.
Actually, his predicted BTC price uptrend came to reality some minutes after the forecast was made. Bitcoin now trades above $11,000.
Read his statement below:
“Questions over the candle falling wedge but something I am monitoring However, RSI falling wedge on 4hr is evident and due to breakout as we reach apex I would not all be surprised to see this RSI breakout to test wedge resistances at 10.9k, 11k”
In another development, the same analyst recently hinted about the possibility of Bitcoin retesting its new highs soon. He said BTC could make a bit pullback before recording 2019 All Time High.
“…Wedge resistance here met with double top. Expect us to test 10.8k Wedge support at 9.5k range (dont be surprised if we dont touch) I think one more drop (maybe small) before testing 2019 ATH.”
Check yesterdays posts, everything happened! 😊
RSI breakout and targets met
Wedge resistance here met with double top. Expect us to test 10.8k
Wedge support at 9.5k range (dont be surprised if we dont touch)
I think one more drop (maybe small) before testing 2019 ATH 😊 pic.twitter.com/nlfdHnjp9l
— The Cryptomist (@TheCryptomist) July 3, 2019
Bitcoin is presently stable above $11,000 support level, ready for the next move. Its trend could be down or up. Crypto experts believe that BTC price retraction is very possible anytime, but its destination is more of the top than below.