Will Bitcoin prices pull back or continue to rise?

Will Bitcoin prices pull back or continue to rise?

Despite the end of the long-term bear market trend in the encryption market, a well-known analyst believes that excitement is still too early, because Bitcoin may push up again before reaching significant resistance, which he calls "an important return." .

Bitcoin prices stabilized at $5,300

At the time of this writing, Bitcoin rose nearly 2% at the current price of $5,240, and only slightly fell from the recent high of $5,300, with Bitcoin's current price low of $3,800.

Although Bitcoin has barely shown any obvious signs of a bearish price movement in the near term, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently explained that he did see a slight reversal in bitcoin prices.

Despite this, Olszewicz further added that Bitcoin is likely to continue to soar, paralleling the current price volatility of Bitcoin and the overwhelming bullish price action of Litecoin last month.

"The important thing is to pay attention to the possibility of reversal, but the continuation is not impossible. The Litecoin has the same situation last month, but it continues to rise. I will not recommend long positions here and will not short, more inclined to analyze, Instead of reasoning through the bull market continuation," he explained.

Analyst: Bitcoin prices will pull back or rise again

Although Bitcoin may have laid the groundwork for its recent bullish price action, one analyst believes that bitcoin prices will see a major correction in the near future.

Lucid TA, another popular post-encryption analyst on Twitter, recently explained the hypothesis. He said he expects bitcoin prices to move up to $5,800 again before he can face significant resistance and pull back its price to 4500. Dollar.

As this week continues and bitcoin price volatility, investors will be better able to understand whether the “cryptocurrency bear market” really ends, or whether there are more ammunition in the bears to push the market lower. (answer)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Reorganizing blocks to recover stolen BTCs? This article tells you why it doesn't work.

After the money security hot wallet was hacked away from 7000BTC, Chan Chan CEO Zhao Changpeng said in a live broadca...

Blockchain

"Rebellious Bitcoin": After the US Congressman proposed a "ban", Bitcoin actually rose by 50% in response

Although bitcoin prices are down 2% today from just over the 12-month high, traders and analysts are proving that the...

Blockchain

Secret history of Bitcoin: the black man behind the Silk Road extortion case is an American DEA agent

Source: Hash Pie Author: LucyCheng Editor's Note: The original title was "The Secret History of Bitcoin: Th...

Blockchain

Is the Bitcoin team doing something?

The currency circle likes to use the "team is doing things" to make jokes, because the "doing things&q...

Blockchain

Year-end inventory | A complete overview of the coolest blockchain technology in 2019

The balance in 2019 is already insufficient, and the development of blockchain technology is so fast. After this year...

Blockchain

A week in review | US and Iran situation pushes up crypto market, new EU regulations trigger regulatory storm

In the past week, the situation between the United States and Iran has still affected the crypto market, and the EU &...