The price of Bitcoin was hovering around $10,000 in February before the coronavirus pandemic led to the U.S. stock market to correct sharply. At that time, analysts expected BTC to pull back as the price had also rejected at $10,500 which is a pivotal resistance level.
Surprisingly, Bitcoin price dropped rapidly as it fell below $6,000, ultimately dropping to a yearly low at $3,600 on BitMEX. This caused mayhem in the cryptocurrency market as more than $1 billion worth of leveraged positions were liquidated.
According to Woo, Bitcoin was positioned for a bull market before the coronavirus pandemic affected nearly all risk-on markets. Woo’s new model, which accurately marked the start of four previous bull runs, indicates Bitcoin is preparing for another uptrend in the near-term.
How do you think?
I would not really count on that mate. The cryptocurrency trading market is inaccurate, unpredictable and has high volatility. Not even the technical analysts could guarantee that their predictions are going to happen.
In the world of Bitcoin and cryptocurrency, nothing is guaranteed anymore. We have to invest and trade at our own risks, and of course we must learn how to manage our emotions in case the market bleeds.
Bitcoin is treading water right now between $9,000 to $9,500, and now stands around $9,100+. Unless if PlusToken scammers are gonna intervene again by dumping their BTCs, the bull market may be too far from happening.