The bears are obviously battling with the bulls in the cryptocurrency market, and the impact of this tussle can clearly be seen on the price of all digital currencies, especially Bitcoin. For the past few days, BTC has been going back and forth within $10,000 price region.
However, a popular crypto analyst, Crypto Loomdart, has pointed that it would be delusional to expect a break above $14,000 or a drop to sub $6,000 region for Bitcoin, claiming that it would take BTC months around $10,000 price level.
In term of price fluctuation, Bitcoin is quite leading the crypto market perfectly well. The digital currency has been indicating slow growth for a number of days now, making the possibility of attaining its all-time high price more unfeasible.
Bitcoin raised the expectation of investors with parabolic price movement at the beginning of Q2 2019. The seemingly decisive price uptrend aided BTC to record a new yearly high of relatively $13,900. But the king of coins has since failed to replicate the price growth it consistently maintained about two months ago.
Its recent price trend has initiated doubts amidst the crypto pundits as to the chances which Bitcoin has to grow beyond $14,000 resistance level, which can also be regarded as a new high for 2019.
Analyst believes it’s Delusional to Expect a Break above $14,000 or a Drop to Sub $6,000 Price Region for Bitcoin
As the case of Bitcoin recording new yearly high or attaining all-time high before the end of 2019 is becoming speculative, some crypto analysts are beginning to reverse from being bullish on the price of BTC, at least for the remaining part of this year.
Cryptocurrency analyst Crypto Loomdart on twitter recently pointed that traders and investors should expect Bitcoin to linger around $10,000 price region for months . He said “we will chop around the $10k mark for literally months as this is near enough a fair value for BTC…”
He continued by averring that there is possibility for Bitcoin to drop or rise to $8,000 or $12,000 respectively, but he conclusively claimed that the expectation for BTC to plummet or surge to $6,000 or $14,000 price level is delusional.
“…lower band $8k, higher band 12k anyone expecting a breakdown to sub 6k is delusional, anyone expecting a breakdown to above 14k is delusional.” Crypto Loomdart concluded.
Bitcoin’s Price Situation in the Market
Bitcoin is still keeping its slow growth consistent. Its price has been changing hands above $10,000 for the past few days. It also drops below the support level often, increasing the possibility of seeing more price dips.
At the time of filing this report, BTC is trading at $10,146.39, with relatively 2% price plummet in the last 24 hours.
With consistent failure to surge above resistance levels for price uptrend consolidation, there could be open chance for bears to strike successfully. However, this slow growth has not dissuaded some crypto pundits from believing that Bitcoin is still in Bull Run.
