'Bitcoin won’t be $3,000 cheap ever again'

18 Mar, 2019
by Joeri Cant
'Bitcoin won’t be $3,000 cheap ever again'

Cryptocurrency trader, going by the Twitter handle Galaxy, recently tweeted to his 49K Twitter followers that April will be the last month where you will be able to grab yourself some cheap Bitcoin.

The self-proclaimed cryptocurrency accumulation machine, states that more often than not, Bitcoin prices seems to move in a random manner. However, according to the crypto analyst, BTC creates repeating patterns and trends.

According to Galaxy, this observed pattern will make April 2019 the last month of cheap $BTC ... ever again!

Read more: Is Bitcoin at $1 million really possible?

The crypto trader explains that in 2013-2015’s market cycle, Bitcoin attempted to break out of a downtrending resistance 3 times, but was rejected each and every time.

The period after the second rejection saw several months of accumulation and consolidation, where Bitcoin found a relatively sturdy base. Once the long-term resistance was about to depress Bitcoin to new lows, the world's number one cryptocurrency broke out, pushing towards new highs within one to two years.

Galaxy points out that the same pattern seems to be taking place right now, as BTC has already failed to breakout 3 times, and could therefor be in a zone of accumulation, and could see Bitcoin begin its next cycle to head into 2020’s halving in that month.

Read more: 5 countries that are going big on cryptocurrency adoption

Crypto analyst and self-proclaimed 'Crypto Pop Legend' is of the same sentiment, claiming that Bitcoin is all set-up to begin its slow rise to the $150,000 price mark, which means that the next bull market peak is about 4.5 years away.

Going by the Tiwtter handle MagicPoopCannon, this crypto trader points out that the price action of the 2014-2015 Bitcoin bear market is 'incredibly' similar, to BTC’s current price action.

'That price action is INCREDIBLY similar, to what is taking place today. It is the primary reason why I believe that Bitcoin has bottomed, and it is why I am frantically buying like the bottom is in.'

Of course not everyone agrees.

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Read more about: Bitcoin (BTC)


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