Bitcoin recently retested $12,000 resistance level, but later pulled down a bit below. BTC seems gathering strength to surpass another challenging hurdle as it settles above $11,500 support level. On this note, there are indications of Bitcoin recording more 2019 highs, and breaking its price hallmark soon, but how could this play-out? A question to be unraveled in the article.
Bitcoin is beginning to recuperate from its recent price correction, which brought it down to retest 4-digit prices from relatively $13,750. In the middle of the distinct drop, some crypto analysts envisaged the possibility of BTC revisiting $4,000.
It could be devastating if such price resurfaced, but would be good news for Bitcoin traders that are waiting to leverage on such a huge price retraction. However, BTC halted its downtrend after an approach towards.
Bitcoin has since been retracing its steps back to the top steadily. The cryptocurrency broke above $12,000 resistance level few hours ago, but failed to hold above.
Considering the stance of some cryptocurrency analysts, it’s necessary for Bitcoin to embark on the routine price correction for a stable health when it attains higher price levels.
How Bitcoin Would Attain New 2019 Highs and Make It beyond Price Hallmark
Bitcoin attempted new 2019 highs about a week ago. BTC’s new investors, especially those that acquired the digital asset at around $12,000, almost lost hope after its price plunged sharply below.
The lost euphoria of Bitcoin uprising was restored in the cryptocurrency sphere after bouncing back to recover its dumped prices. However, the major concern is its possibility of retesting the All Time High it recorded in January 2018.
Some crypto analysts believe Bitcoin would attain its price hallmark soon, but the crypto space must get used to the asset’s routine price retraction.
About two months ago, Josh Rager, a popular cryptocurrency analyst tweeted about a possible 30%+ pullback of BTC after a significant bull run.
In his price analysis back then, he stated that those who would understand the price pullback and accumulate, without a jot of doubt will get the reward.
He said “Reward of buying pullbacks Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend…”
$BTC: Reward of buying pullbacks
Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend
But we didn't discuss how buying these pullbacks can reap rewards
The average gain after a 30%+ pullback was over 153% profit before the next strong pullback pic.twitter.com/vy08Dx5XbU
— Josh Rager 📈 (@Josh_Rager) May 23, 2019
The above is believed to have taken place about two days ago, after Bitcoin (BTC) recovered from a 30% price correction. This could be needed to maintain its steady growth to higher prices.
Anthony Pompliano, a popular Bitcoin maximalist has also corroborated Rager’s stance. In a recent tweet, he opined that the journey of BTC in surpassing its All Time Highs would attract 30% price retractions.
He said “Bitcoin is back over $12,000. There will be many 30% drawdowns on the way to new all-time highs. Don’t get distracted by the noise.”
Bitcoin (BTC) in the Market
Bitcoin is above $11,500 support price level as it prepares for a fresh price uptrend. At the time of filing this report, BTC is trading at $11,740.40, with 3.81% price upsurge in the last 24 hours.
Bitcoin could attain new 2019 highs anytime soon, if the sentiments of some crypto analysts are considered. Actually, patience is needed to get anywhere with BTC investment. Its high volatility makes its next move unpredictable at times.