Expert: Bitcoin is unlikely to rise above $ 5,000 in the near future
Source:
On December 17, just four days price has increased from 3181 to $ 4073, on all major exchanges main cryptocurrency has risen by 28 per cent. However, BTC still dropping for a longer period of time — 30 days ago, it cost 4400 dollars. Recall that for confirmation of the bullish trend at least in the medium term coin needs to gain a foothold above this mark.
theWhen Bitcoin starts to grow
According to the trader under the name of The Crypto Dog, it's too early to make premature conclusions about the uptrend. And although Bitcoin really has risen strongly in recent days, to reach the $ 5,000 he needs to overcome several serious obstacles.
Bitcoin found support around the level of $ 3,000. If the bulls manage to break above 4500 and 4800 dollars, the last line of resistance will be the area of 5400 dollars. At the moment I don't think that cryptocurrency will be able to reach that level in the near future. Even an increase above $ 4,500 is still in question.
Today, the daily trading volume on Bitcoin is about us $ 8.7 billion. This is almost two times more than it was last week. The increase indicates a strong interest of buyers in the area 3,000 to $ 3,500.
Source: CCN
The Analyst also added that the cryptocurrency is approaching the final phase of the bear market. However, before a final change of trend, we still have to go through several months of stability with low volatility asset. In other words, Bitcoin long enough to walk in a range from 3000 to 5400 dollars.
6/ It is my opinion that is in the final stages of this bear market. I expect the price to range between an absolute low of $1800 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time.
— The Crypto Dog
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