Analyst predicts Bitcoin may have another 100 days of accumulation

22 Apr, 2019 | Updated: 22 Apr, 2019
by Richard Allen
Analysis
Analyst predicts Bitcoin may have another 100 days of accumulation

For the past 20 days, the crypto market has managed to hold on to its gains, with several altcoins even hitting new all-time highs. Given Bitcoin has held above $5,000, more and more analysts are of the opinion that this consolidation could hold for several more months.

One crypto analyst going by @CryptoChartsJoe has compared the weekly chart from 2015 and noted that we may be trading a very similar moving average formation right now. With reference to the 50-week moving average, there was an initial bounce in 2015 followed by 105 days of accumulation when Bitcoin pulled back.

If Bitcoin follows the same trend, a move like that could see BTC drop back into the low $4,000s and stay there until around August before moving back up to previous resistance levels.

This is a sentiment that has been echoed by several other analysts, predicting a breakdown at the end of the current rising wedge on the four-hour chart. Popular crypto trader GalaxyBTC, for example, has stated that a correction back to $4,600 is likely before there are any further price gains.

Chart provided by Tradingview

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Read more about: Bitcoin (BTC)

Poll

Where is Bitcoin going next?

(210 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage