Analysts are worried that Bitcoin is about to top out

12 May, 2019
by Richard Allen
Price Analysis
Analysts are worried that Bitcoin is about to top out

As Chepicap reported, Bitcoin briefly touched $7,500 shortly after breaking through the $7,000 mark. Several prominent analysts have weighed in on the move.

Despite Bitcoin’s price constantly fluctuating, a recent comment by prominent crypto analyst, The Crypto Dog, the cryptocurrency market is about to “top out.” Explaining this, the analyst notes that while the market is undeniably bullish, the Bitcoin chart is beginning to look like a peak is forming.

While Crypto Dog didn’t provide any further explanation, he did provide a graph that shows Bitcoin is currently facing resistance. Additionally, crypto trader Livercoin Tweeted on May 10 that the parabolic trend line that has been supporting Bitcoin’s ascent has now been broken, suggesting Bitcoin could be overdue for a pullback.

Crypto Dog isn’t the only trader with this sentiment. Cantering Clark explains that while Bitcoin’s current price action is “incredibly bullish,” he’s worried that we could see a revert sometime in “the near future.”

Clark goes on to explain that Bitcoin is “a good 3 SD (standard deviations) from the norm,” with this current move likely being fueled by retail shorts. This suggests that Bitcoin could soon see a retracement.

BTC/USD chart provided by Tradingview

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Read more about: Bitcoin (BTC)

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