Bitcoin has been able to maintain nearly all of its recent gains it has incurred over the past week and has been able to maintain stability around its monthly highs of $5,300. This positive BTC price action has led to an influx of capital into other cryptocurrencies, generating gains that have led many analysts to declare the “Crypto Winter” over.
Despite the celebrations regarding the end of a long and arduous bear trend in the crypto markets, one prominent analyst believes that it is still too early to get excited, as Bitcoin may make one more large upwards push before hitting a significant resistance level that will lead to what he describes as a “significant retrace.”
Bitcoin (BTC) Stable at $5,300
At the time of writing, Bitcoin is trading up nearly 2% at its current price of $5,240 and is only trading down slightly from its recently established highs of $5,300. BTC is currently up significantly from its monthly lows of $3,800.
Although Bitcoin is showing few clear signs of making any bearish price movements in the near-future, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently explained that he does see a bear division building over a higher time zone.
“4h $BTC: as others are point out… RW + bear div building into high TF res… 50% = $4750,” he concisely noted, bearishly explaining that a retrace towards $4,750 could be imminent.
4h $BTC
as others are point out…
RW + bear div building into high TF res
50% = $4750 pic.twitter.com/DNuP8OA83I
— Josh Olszewicz (@CarpeNoctom) April 8, 2019
Despite this, Olszewicz further added that Bitcoin could very well continue to surge, drawing a parallel between BTC’s current price action and Litecoin’s overwhelmingly bullish price action last month.
“Important to note that probability of reversal is high, but continuation is not impossible. $LTC had the same setup last month and just kept going. I’ll be closing longs up here and won’t be short, would much rather have bids on the book than get bulldozed by bull continuation,” he explained.
important to note that probability of reversal is high but continuation is not impossible$LTC had the same setup last month and just kept going
i'll be closing longs up here and wont be short, would much rather have bids on the book than get bulldozed by bull continuation
— Josh Olszewicz (@CarpeNoctom) April 8, 2019
Analyst: BTC Will Surge One More Time Before Retracing
Although Bitcoin may be laying the groundwork for continuation of its recent bullish price action, one analyst believes that BTC will see a significant retrace in the near-future.
Lucid TA, another popular crypto analyst on Twitter, recently explained this postulation, saying that he expects the cryptocurrency to make one more push upwards towards $5,800 before it faces significant resistance that pushes it back down towards $4,500.
“Most likely scenario in my view is that we see another pump before a significant retracement. Modestly on $BTC (around $5550 on Coinbase), though *much* more significantly so on alts. Invalidated if $5052 breaks (CB),” he said.
https://twitter.com/Lucid_TA/status/1115269049754087424
As the week continues on and the market’s price action continues to unfold, traders will hopefully gain a better understanding of whether or not the long-lasting “Crypto Winter” is truly over, or if the bears still have more ammunition to push the markets lower.
Featured image from Shutterstock.
