Bitcoin saw some intense upwards momentum today that allowed it to rally into the $6,000 region, with this upswing coming about after an extended period of sideways trading around $5,000.
This movement came independent of the U.S. stock market – which has been firmly guiding BTC over the past several weeks – leading some to believe that the crypto is decoupling from the benchmark indices.
Although the market sentiment is growing firmly bullish, it is important to note that multiple analysts are claiming that they don’t believe the bottom is in, signaling that the crypto may see significantly further downside in the near-term.
Bitcoin Races Past $6,000 in Sharp Overnight Movement
At the time of writing, Bitcoin is trading up just under 20% at its current price of $6,200, which marks a notable climb from daily lows of $5,100 that were set yesterday while the crypto was caught within its firm bout of sideways trading.
In the near-term, it does appear that the crypto has reached strong resistance around its current price levels, which could prove to be insurmountable for it in the hours ahead.
CryptoGainz, a popular cryptocurrency analyst and trader on Twitter, spoke about this resistance in a recent tweet, explaining that he is currently betting against the crypto seeing a continuation of its uptrend, as it is currently pushing up against a trendline that was recently broken.
“BTC – betting against continuations from here and waiting on intraday short setups to appear. Multiple shallow high sweeps etc,” he explained while referencing the trendline seen on the below chart.
$btc – betting against continuations from here and waiting on intraday short setups to appear.
Multiple shallow high sweeps etc. pic.twitter.com/NJig7qHK8B
— CryptoGainz (@CryptoGainz1) March 19, 2020
This Top Analyst Doesn’t Think the BTC Bottom is In
Although many investors believe that Bitcoin’s recent lows will mark a long-term bottom for the cryptocurrency, one top trader disagrees with this notion.
Michaël van de Poppe – another well-respected cryptocurrency trader – explained that although he is highly bullish on Bitcoin in the mid and long-term, he does think it will see some further downside before beginning a steady ascent higher.
“I’d love to have the bottom on BTC here, but I doubt we’ve seen it. I do believe we’re close. And these prices give you opportunities to long the most bullish asset of the next 5 years. Be wise and use that opportunity. Our economic system is screwed due to the virus,” he said.
Although Bitcoin could see some further downside, its ongoing decoupling from the traditional markets is certainly a positive sign for the benchmark cryptocurrency in the long-term.
Featured image from Shutterstock.