The number one cryptocurrency by market capitalization, Bitcoin has experienced quite a surge in the last few days. This is coming following several months of sideways price movements which affected the entire market. It rose above $9,000 in the last 48 hours but it seems it’s on the descending path. This is to be expected, according to crypto analyst and trader Josh Rager.
For the cryptocurrency market, experts and analysts seem to believe that for every price surge, there has to be a pullback for a bigger surge to occur. This seems to be a similar situation based on Rager’s words. He, however, says the pullback is likely to stop above $8,000 which would be fine. The analyst says only if the price goes below $7,700 will there be a reason to worry about the price staying low for long.
Although there is cause to worry if the price goes below $7,700, Rager says price changes are not as important as the market structure and trend changes. Before the price surge, analysts have affirmed that Bitcoin showed signs of a propitious future despite the sideways movement at the time. It seems the bright future for Bitcoin has started already as Bitcoin’s price adventure came at a time when everyone had almost crumpled up.
Despite the seemingly significant gains already recorded, analysts still expect the number one cryptocurrency to rise much higher after the pullback. While it has been associated with the recent crisis in Iran, it may also have to do with the coming Bitcoin halving in May this year. A FOMO because of the halving may also be effective.
Some have predicted that Bitcoin may go as high as $100,000 by the end of this year. That will mean a very fast rise of several hundred percents.