Bitcoin has managed to do what nobody expected: it not only passed the $6,000 threshold, but even managed to spike to $7,200, settling to around $7,000 as of now.
Bitcoin holds above $7,000 after hitting nine-month high: Bitcoin hovered above $7,000 on Monday, close to nine-month highs, as the biggest cryptocurrency's 2019 rally gathered steam. https://t.co/EZfNjmluUR #ImpeachTrump #ImpeachKavanaugh #TheResistance pic.twitter.com/INJM1Peo44— Patrick (@cahulaan) May 13, 2019
Seems like the arrival of bears has been delayed, but it cannot be cancelled at all. So, for how long will BTC continue growing, and what to expect from it in the nearest days? Check out what Twitter users think about it.
It can’t last forever
Optimistic traders shout about the new higher highs for BTC to be achieved in the nearest time. But it’s logical that Bitcoin should retrace for some time to accumulate more powers. So, when might it start falling back?
Here’s an interesting theory: BTC will repeat the Falling Domino pattern:
$BTC #Bitcoin— Mr Chief (@HaloCrypto) May 13, 2019
Not every parabolic move resolves right away. We could see a large dip, nice bounce up to a higher high, then further retrace
Showing 2017 BTC parabolic move for reference. This is what I call the 'Falling Domino' pattern pic.twitter.com/p0AMYQWAx9
Here’s how Kiana Shek, Co-founder of DigiFinex, comments upon the situation:
I see overhead resistance at 7.7. On a weekly chart the sharp v shape reversal from the December low looks a little unnatural. Would be cautious about buying here. Those who want to get long will probably get a much better entry if they're a little patient.
Still a few unresolved negative overheads in the market, and sentiment might change after consensus this week. Risk management is key, even if the market appears bullish!
Many traders claim that a $1,000 or even lower drop would be natural even if it seems to be dreadful. Here’s one suggestion about the possible bottom, and it actually seems to have a grain of truth in it:
based on Price Action+Fibonacci for the coming dump we can expect zone 0.382-0.5 (4800-5300) to be the main base for $btc with about 35% dive— Crypto₿irb (@crypto_birb) May 12, 2019
30-40% retracements appear for bitcoin on regular basis after strong impulses historically
still 4.2-4.6k (40% dive) is 'doable' imho pic.twitter.com/ycHO1LJLyK
Some suggestions for BTC’s bottom in case of a pullback are more moderate:
When could the bear run happen? Traders are sure that BTC should hold the $7,100 position. If it fails to sustain the current level, it will drop:
Go, Bitcoin, go!
Yet, before the dump happens, Bitcoin might reach a number of great heights again. A bearish flag won’t happen all of a sudden – most probably, we will see BTC climbing to $8,000 and a bit higher.
The most optimistic traders claim that BTC has made its first steps to the top of the mountain, and it will continue the endless growth:
Here’s one more piece of proof that the patterns in 2017 and 2019 coincide, which means BTC has all chances to make it to $20,000:
$BTC #bitcoin "4-letter" Edition— ☕BULLTARD-COFFEE☕ (@overheardcoffee) May 13, 2019
- I SWEAR I've seen this pattern before
- hmm... maybe like around.. i don't know... 20k?
- 1hr and 2 day comparison for timeframes
- Price is fractal pic.twitter.com/bhnowJhIrJ
Some traders suppose that BTC needs to touch the new resistance to soar:
If you believe in BTC’s power, you can hold your reserves. If you’re an advanced trader, you have a chance to earn now. Here are a few trading recommendations for those who want to play shorts:
#BTC/USD ASIA ?#bitcoin bulls would favor a strong close above 7.4k to shore up the next leg in its run.— CoinDesk Markets (@CoinDeskMarkets) May 12, 2019
R: $7,000, $7,350, $7,500
S: $6,900 $6,850, $6,750
RSI: Overbought pullback
Dropping below 6.7k would be a cause for concern.$BTC pic.twitter.com/t4IWDq6eBg
With so much fuss around and an epic sell volume, BTC might make a retracement faster than we think. However, the momentum it has already gained is now driving it to the $8,000 mark. Will this level be reached? It’s more than likely now that bulls aren’t ready to give up.