Bitcoin reversal to happen shortly, experts say
The value of Bitcoin boosted by eight percent this past Tuesday, after weeks of descending movement. Ironically, this surge happened after a well-known trader of cryptocurrency, Crypto Rand, reiterate the importance of Bitcoin’s closing value every day and the asset’s potential to increase.
According to CCN, the analyst stated,
“keeping an eye on the daily close of Bitcoin. Looking to print a bullish hammer that could lead the reversal.”
Consequently, the cryptocurrency market valuation has increased by eleven billion dollars.
Don Alt, a cryptocurrency analyst, described the current bitcoin’s state as
“constant bouncing on a strong demand zone. If it fails I expect a very violent move down. If it holds, we’ll most likely stair step up.”
Since BTC’s current resistance level ranges from $4,100 to $4,200, the full reversal of Bitcoin cascading movement in the market could be happening very shortly, experts say.