After the dip in the last 48 hours that brought Bitcoin down below $5,000 on some exchanges, a prominent crypto analyst known on Twitter as The Crypto Monk, has expressed confidence that the dip is over and Bitcoin is on its way back where it belongs – above $5,500.
— The Crypto Monk ⛩ (@thecryptomonk) April 27, 2019
According to the analyst, the dip was caused by the controversy surrounding Tether and its parent company Ifinex that rocked the industry. The news of the issues with Tether caused a 10% crash in the price of Bitcoin within 10 minutes and the cryptocurrency market lost a total of $10 billion within that time.
The Attorney General of New York filed a case against Tether and Bitfinex for allegedly using illegitimate transactions to cover up for users’ missing funds to the tune of $850 million.
As a result of this suit, a Bitfinex executive by the name of Merlin expressed fear that Bitcoin could crash to $1,000. Luckily, however, the cryptocurrency has remained above $5,000 based on data from Coin Market Cap and is currently on its way up again.
The Crypto Monk is confident that Bitcoin will soar high again as the market charts and other metrics still look good for Bitcoin, he added. Some analysts, however, are still skeptical and believe Bitcoin could still pull back to $4,200 even if it does not go as low as Merlin’s $1,000.
Bitcoin has been on a recovery mission since the beginning of April and this is the first real dip it has experienced since then. Of course, the entire market dipped along, but things may be getting better soon.
At the time of writing, Bitcoin is already above $5,200 and it seems it is on its way to the top again. If The Crypto Monk’s predictions and expectations play out, we may be heading to fresh support probably around $6,000 this time and a much higher level can be expected after breaking another resistance above it as predicted by some analysts.