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Bitcoin Price Plunge Incoming If Bulls Don’t Follow Through With Volume

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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This week, Bitcoin price rallied from the previous 2019 high of $4,200 to the first higher high of the bear market at over $5,000. While there is much speculation across the crypto community as to what sparked the massive rally, most conclude that the powerful upward movement was the result of one major player buying over 20,000 in BTC across three different exchanges.

Because the market was moved by one large whale, one analyst warns that if buyers don’t step in and follow through with substantial volume, Bitcoin price is at risk for a significant drop.

Recent Bitcoin Price Rally In Danger Of Drop If Buyers Don’t Capitalize

The entire crypto community is in an uproar over the latest Bitcoin rally, as it is the first higher high set since Bitcoin last touched its all-time high price of $20,000 per BTC back in December 2017. Since then, the leading crypto asset has ping-ponged between support and resistance, diminishing the asset’s value down to a 2018 low of $3,150.

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Related Reading | Crypto Community Speculates On What Triggered Massive Bitcoin Price Rally

That low, is increasingly looking to be the elusive Bitcoin bear market bottom, which can only can be concluded in hindsight. But this recent rally has taken Bitcoin well out of the previous trading range between $4,200 and $3,200, topping out at around $5,150.

Because the crypto consensus at large is convinced that the entire movement was the result of one whale buying a large amount of BTC, one exceedingly bearish analyst (short-term) who has been calling for Bitcoin to set new lows, warns that a drop is incoming if buyers don’t follow through with volume.

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If this was one buyer spiking the price, I want to see follow through with continued volume for Bitcoin

At this time, don't care about total marketcap with the garbage coins included$BTC makes up over 50% the cap

Lack of follow through in the coming weeks mean potential drop pic.twitter.com/WQa5dy5Tid

— Josh Rager ? (@Josh_Rager) April 2, 2019

Volume in markets is typically an indicator that confirms the strength of a trend. If a massive candle appears with low volume, chances are, the move is a fake out designed to hit stops and trap traders in bad positions. However, it a move up or down is accompanied by substantial trading volume, the direction is typically confirmed to be a legitimate market movement.

Related Reading | From Banks To Funds To Brokers, Everyone Outside of Crypto Is Talking Bitcoin Today

Take the drop from $6,000 into the $3,000 range that occurred back in November 2018 for example, when the bear market really ramped up in severity. The panic-induced plummet through $6,000 and continued bearish trend was confirmed by a significant increase in sell volume following the drop.

The inverse will need to happen following this most recent rally for buyers to confirm there is bullish momentum to support a trend change, and resume a cryptocurrency bull market. During the move, Bitcoin volumes on Coinbase topped over 40,000 BTC, so the trend is already off to a good start. However, it’ll need to continue to remain strong while Bitcoin price consolidates above around the recent higher high, before the market can continue upward with confidence.

Featured Image by Shutterstock

Tags: bitcoinbitcoin pricecrypto analystJosh Ragervolume
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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