Bitcoin could be caught in an accumulation zone until mid-July of 2019

06 Apr, 2019 | Updated: 06 Apr, 2019
by Joeri Cant
Bitcoin
Bitcoin could be caught in an accumulation zone until mid-July of 2019

A popular cryptocurrency analyst on Twitter, Josh Rager, took to Twitter to explain that the number one cryptocurrency could be caught in an accumulation zone until mid-July of this year.

According to the crypto trader, it took Bitcoin 216 days for accumulation from bottom to spring in 2015 and if this was indeed an accumulation phase, this week’s $1000 candle would be the exact middle of 216 accumulation days and would therefor end on July 19th, 2019.

The trader does point out that although this is pure speculation, it is fun to compare nevertheless.

Read more: '$3 billion ready to flow into Bitcoin and altcoins' says Mati Greenspan

Rager further points out that in the previous bear market, Bitcoin formed an accumulation pattern between its 100-day moving average and its 200-day moving average, which may be a similar trading range for BTC in the near-future.

In February Chepicap reported that Rager stated that after 2021, Bitcoin could move much higher in price making it unaffordable for the general public to afford an entire bitcoin. Most people will then only be able to purchase a fraction of BTC as the price could eventually be out of reach for most. 

As the crypto markets are now in the middle of the weekend trading session, Bitcoin has been able to maintain its upwards momentum, and has been able to continue its upwards trend.

Read more: Bitcoin Cash and Litecoin take the lead, BTC at $5,166

Bitcoin is currently trading around $5,143 and is showing a 2.39% growth on yesterday’s prices. Today’s uptick was fueled when BTC briefly dipped below $5,000 earlier today, indicating that this level has become a region of support for Bitcoin.

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Read more about: Bitcoin (BTC)

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