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Bitcoin Recovers For Now But Is Another Major Pullback On The Way

With the recent release of bitcoin, there has been growing speculation among cryptocurrency activists about Bitcoin’s future price movement. While some predict that we will not see a further fall, some experts are not optimistic about the comment.

Trader and market analyst Josh Rager has predicted that cash flow will not enter the bitcoin market anytime soon, according to IBM Crypto.

An analyst at TradingView, nicknamed “PenarthUdi” also wrote in an analysis published on this website that I think Bitcoin will never see these numbers again. He further said that this dramatic fall is the bitcoin surrender stage, and the currency is poised to reach new record highs.

PenarthUdi Analysis in Trading View

Veteran Wall Street trader and analyst Tone Vays is also the latest to comment. He said in a video release that Bitcoin will again have a big cashback and prices will drop and then enter a long-term bullish phase. He said:

The price of bitcoin in the next three days will be below $4800. I honestly think we will see this price, provided that the decline in other financial markets continues.

Weiz released the video on March 13 and although it has been two days since then, this forecast has not yet been fulfilled. Weiz had predicted on November 2019 that the price of bitcoin would fall below $7000 before Hawking. Now reiterating his claim that bitcoin is down to $ 5000, he said he did not expect Bitcoin to continue its upward trend by year’s end. Wise said:

I think we’ll see it again for under $ 5000 . That day could be today, tomorrow, a week later, or even after Hawking.

Bitcoin price chart

At the time of writing, bitcoin is priced at about $ 5500 and is within a symmetrical triangle, as shown in the chart. This triangle represents an uptrend at 60%. Given the 40% chance of a downturn, the next support level will be $ 4864. In the short term, cows may not be able to maintain a level of support. In fact, the king of cryptocurrencies is still out of reach.

Bitcoin developer Jimmy Song believes that the recent push by financial institutions has begun. But “Galaxy Digital” CEO Mike Novogratz has another point:

That being the case, the margin deals were pushing heavy sales pressure. Financial institutions cannot quickly sell their bitcoins. This was due to the fear of margin traders.

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