According to trading expert Josh Rager, the Bitcoin bulls should hold down their horses. The top cryptocurrency surged by almost eight percent over the last 24 hours, but it’s still not a sure-fire sign that this major correction is over.
Rager points out that the BTC price has to touch the $8,800 level in order to confirm a bullish trend reversal that would bury the growing bear market narrative. Bitcoin bulls and bears are still playing tug-of-war.
Notably, commodity trading vet Peter Brandt suggested that the BTC price could go as low as $5,500 (at this point it should bottom out in February). After that, it will start surging to a new all-time high of $50,000.
Meanwhile, Bitcoin uberbull Josh McAfee continues to stand by his eye-popping $1 mln prediction.