Bitcoin Heading for Short-Term Correction? Crypto Analysts Diverge
A crypto analyst at Brave New Coin says Bitcoin is facing a correction if it can’t top $11,400 in the near future.
Using a pitchfork pattern starting in August of 2016, Josh Olszewicz says BTC is facing a return to about $9,000. The pitchfork pattern is essentially a method of drawing three parallel lines through an uptrend or downtrend to search for potential areas of support and resistance.
gets interesting if we do break 11.4
otherwise it's back to ML ~9K pic.twitter.com/ERugg6Erzs
— Josh Olszewicz (@CarpeNoctom) June 22, 2019
Fellow analyst DonAlt says Bitcoin will likely face a drop to about $8,000 based on Bitcoin’s historical price movements, which often see a 30-40% drop after a big move to the upside.
Haha yeah all good. 8000 more realistic but the tweet wouldn't be half as good.
We can still be friends if you think it'll go there.
— DonAlt (@CryptoDonAlt) June 22, 2019
Meanwhile, analyst Josh Rager is on the other side of the coin.
Rager says typical trading patterns don’t always apply to Bitcoin, and current consolidation could lead to another move to the upside.
$BTC – 4 hr chart
Currently consolidating in a formation that should likely lead to continuation up
Classical charting doesn't always work on the BTC chart & most patterns are market made to throw people off
But I think BTC moves up to challenge the weekly resistance $11,469 pic.twitter.com/SfPwE1bXjg
— Josh Rager 📈 (@Josh_Rager) June 23, 2019
Fundstrat co-founder and head of research Tom Lee believes Bitcoin may be pushing toward a new all-time high this year, which he says could create a fair debate on whether BTC’s first rise to $20,000 was a bubble after all.
Just an observation, but if $BTC re-attains its all-time high this year, it is only 18-20 months from prior high.
When a market re-attains a high so quickly, one could argue the prior high was not a bubble after all.
— Thomas Lee (@fundstrat) June 22, 2019
Bitcoin is trading at $10,920 at time of publishing after reaching $11,127 on Saturday, a yearly high, according to data compiled by CoinMarketCap.