Bitcoin May Fall By Another 40% Before Next Parabolic Bull Run Analyst Warns, Sell Or Hold?

Bitcoin News Today – In the beginning of the year, the Bitcoin price prediction 2019 was bullish on all fronts. From the Tom Lee Bitcoin price prediction to the Tim Draper Bitcoin price prediction, everyone had something positive to say about the future of Bitcoin BTC. As time passed and the price of BTC started to recover, it became clear that the Bitcoin price forecast 2019 was going to be bullish. After gaining by more than 200% since the beginning of the year, the price of BTC went on a parabolic bull run last two weeks just after Facebook released the white paper for its cryptocurrency, Libra.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Cryptocurrency News Today – Bitcoin Will Rise Again But A 40% Drop May Happen First

After the price of Bitcoin surged by more than 39% against the USD, it started correcting lower falling to the $10k level again. While a price correction is a normal thing after a bull run, no one expected the sell-off to be this intense. While it has already lost a significant portion of its recent gains, the latest Bitcoin price analysis by an expert trader reveals that the price of BTC may fall by another 40% before the next Bitcoin price surge. According to Trader X0, a respected member of the cryptocurrency community, this current price action of Bitcoin is similar to the price action of Bitcoin in 2017 just before the cryptocurrency bull run.

Sharing the daily price chart of Bitcoin, he noted that the point where a price correction will occur and how low the price of BTC will go when this happens. He said that during the 2017 Bitcoin bull run, the price of Bitcoin moved above from the $5000 level to the $8000 level within a 2-week period. So, Bitcoin’s surge above the $12,000 level was a possible last leg up.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,222.58
0.319%

Just like he predicted, the price of Bitcoin (BTC) moved above the $13868 resistance level and then continued to surge until it moved above the $13,868 level before the price correction started. The downtrend took the price of Bitcoin all the way to $10,800 before it found stability.

Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Current Price Of Bitcoin (BTC)

At the time of writing, the price of Bitcoin was $11,840.41. This means that it is correcting higher by 2.37%. The trading volume over a 24 hour period is $32,091,352,669 and the market capitalization is $210,607,261,329. The next few trading sessions will determine how high the price of BTC will go. From our Bitcoin price analysis today, it’s obvious that flagship cryptocurrency will eventually make another parabolic move.

The traders who benefit the most from Bitcoin are those who do long trades. The price correction that took BTC back to the $10k level was mainly due to the sell-off of short-term traders who were looking for a way to take their profits quickly before the correction started. The long-term traders didn’t sell and they stand the chance to benefit from Bitcoin in the future. You’ll recall that the veteran trader, Peter Brandt, who predicted the cryptocurrency winter, also predicted that the price of BTC will eventually hit $100,000.

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

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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