With Bitcoin currently trading in a tight range around $3,500, it is seeing the similar scenario as of October when Bitcoin took a sharp dip after trading sideways. Crypto trader and analysts see the major part of 2019 to go through consolidation.
Bitcoin all sold out
Bitcoin price is currently seeing the longest stretch of range bound activity in three months. The price movement has been restricted between $3,500 and $3,700, to the most part since mid-January.
At the time of writing, Bitcoin has been trading at $3,585 with 0.08 percent gains in the past 24-hours, according to the data provided by Coinmarketcap.
BTC 1-month price chart, Source: Coinmarketcap
According to a crypto technical analyst and trader, the Bitcoin market might have seen its last sell-off in November 2018 and now the next year is expected to be a long consolidation period.
After dropping from about $4k to $3,500, Bitcoin price has been staying stable at around $3,500 in a tight range. This puts the leading cryptocurrency at the longest stretch in this narrow range, since October end.
That time when the Bitcoin market hits its lowest in 18 months, prices stayed between the range of $6,350 to $6,500 in a 12 days period. The following day saw a drop in crypto prices and after a period of sideways bitcoin fell below the crucial support of $6k. Now, it is possible Bitcoin might end up with a move to the downside, hitting the December low around $3,100. Bitcoin could hit the bottom as experts are predicting it to be by retesting this level.
Crypto Trader, Moon Overlord took to Twitter to share the ongoing sideways movement Bitcoin is making which means it is close to its bottom,
“The longer this sideways action takes place the more I think the bottom is in. November was one of the worst monthly candles in history. It’s very possible that was the last of the major selling and now we’ll have a consolidation period that lasts most of 2019.”
Earlier this month, Bitcoin proponent, Anthony Pompliano had shared similar sentiments as he said, “I think that it’s likely we kind of just go sideways for a while right. You know, if you look at Bitcoin’s price, I don’t know maybe somewhere between like 2500-4500 for a good portion of the year is probably likely based on what we’re seeing”.
On the weekend, Bitcoin dropped to $3,450 after rising to $3,700. Since then bitcoin has recovered and trading above $3,500 which is expected to stay that way for the rest of the week.
Hsaka, a cryptocurrency analyst, stated,
“Inside Bar; Low that was taken out (3480) holding as support; Continue leaning neutral here, can’t short HTF support, will wait for a break (even more so when confluent with that CME gap).”
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.