Analyst: Bitcoin will return to $4,300 after skyrocketing

Analyst: Bitcoin will return to $4,300 after skyrocketing

Soaring $1,000 last weekend

Last weekend, Bitcoin showed a parabolic trend, achieving a one-time increase of $1,000 for the first time since 2017. As of the end of last week, Bitcoin performed better than most currencies and hit a resistance level slightly below $6,400. Even more daunting is that Bitcoin broke through this barrier on Saturday, rising more than $1,000 and reaching a new high of $7,480 on Sunday afternoon.

The 17% increase sent Bitcoin to its highest level since August 2018. According to Yahoo Finance, the Bloomberg Galaxy Encryption Index of five cryptocurrencies rose more than 8% this weekend.

Prior to this, CNBC also said that bitcoin will fall back immediately after reaching 6000. Stir up with a handful of water.

"Bitcoin will be withdrawn after reaching $6,000. But @jeffkilburg says traders know this. – CNBC Futures Now (@CNBCFuturesNow) May 9, 2019"

The market is currently undergoing adjustments and Bitcoin has returned to a position slightly above $7,000. Daily trading volume also returned to $26 billion from $30 billion, but this number is still high. Analysts and traders said that there will be further corrections in the currency during the adjustment period. Encrypted investor Josh Rager said the current price trend is similar to the trend at the end of 2015, triggering the two-year encrypted bear market.

“The trend before the previous round of bitcoin bull market is similar to the current one. Bitcoin has also experienced a similar parabolic rise, then it has fallen back and eventually rose again. — Josh Rager (@Josh_Rager) May 12, 2019”

Earlier, an analyst named Cryptohamster correctly predicted the current trend. After analyzing the previous market cycle table, he said: Bitcoin will rise to $7,500 in early April this year. If the currency development frequency and the Fibonacci retracement are true, the BTC will rise to $7,500 first, followed by a sharp correction to $4,300. Of course, this is also the last iteration of the bear market.

The chart shows that the FIB may pull back to 0.768, about $4,200.

If Bitcoin really has such a callback, that is, close to the level of $4,000, then this is probably the catalyst for the next big bull market. In any case, the surge in Bitcoin last weekend is not a bad thing, better news may come, and it is not impossible for Bitcoin to make headlines in major media again.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice or advice. Risk control, thank you.