Bitcoin Will Fall Significantly As Part Of A Bloody Correction, Should You Sell-off Or Keep Holding?

Bitcoin news today – After the Bitcoin bull rally a few days ago, a price correction kicked in yesterday as expected. The price of Bitcoin (BTC), during the rally, reached a 15-month high of $11,200. The surge in price was so strong that Ethereum, XRP and some other tokens followed Bitcoin’s lead. It took control of more than 69% of the total market share. It’s true that the cryptocurrency winter is over and the bulls have taken full control of the market. However, according to the Bitcoin price analysis on NewsBTC, the price of Bitcoin there is still a strong chance of a price correction happening and dragging the price of BTC down significantly.

Bitcoin News Today – Bitcoin Price Analysis – Bitcoin Latest Update – BTC/USD – Bitcoin May Retrace Its Gains Near-term

The Bitcoin bull run lost its intensity yesterday with the price of the flagship cryptocurrency started falling settling around the $10,800 level. Even if the bulls have no control of the market, the Bitcoin technical analysis reveals that the price of the cryptocurrency may fall to the $9,100 level before the bulls will gather enough momentum to surge again. True, the $10,000 mark is crucial and rising above it shows that the Bitcoin price prediction 2019 is bullish. Notwithstanding, even if the price of Bitcoin is going to surge higher, this will happen after a retracement.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$9,622.00
-11.48%

According to cryptocurrency price analyst, Joe McCann, the trading session on Saturday was the highest ever recorded on BitMex. The exchange registered over $8 billion in trades making up for more than 10% of the total BTC trading volume on CoinMarketCap. As a result of the increased activity, the funding rate of the Bitcoin to USD synthetic trading paid increased by 0.2965. The last time this happened, the bull run was followed by a price retracement. This was in May when the price of BTC surged to $7800 and fell back to $6000. So, the analyst is suggesting that the price of BTC will most likely fall back to the $9100 level before another bull run can start. In his words;

“Funding for longs is incredibly high right now. Without continuing positive price action, a 100x long’s margin is gone within a single day at current funding rates. I think alts provide a long opportunity if Bitcoin corrects.”

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Current Price Of BTC – Sell Or Hold?

Now that you know that there is a high chance of a price retracement, what should you do? Do you sell your tokens or do you hold? Right now, there is evidence to support an upcoming longer term surge in the price of BTC. Even if the price is going to correct lower at intervals, the Bitcoin price prediction 2019 is bullish. According to another famous analyst, Financial Survivalism, the technical indicators are fully bullish.

At the time of writing the price of Bitcoin BTC was $10,846.12. This means that it is up by 1.44% against the USD. The trading volume over a 24 hour period is $20,675,785,461 and the market capitalization is $192,818,500,505. The next few days of trading will determine what direction the price action will take.

What do you think about the Bitcoin price prediction 2019 in our Bitcoin news today? Share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.