The last couple of weeks have seen bitcoin gain momentum. BTC price has been rising since the currency registered its first positive month in February. A few corrections latter and the price started rising steadily. After hitting the $10,000 mark, it was clearly evident, bitcoin was heading for a bull run. And for a moment, bitcoin enthusiasts thought it was going to go all the way.
But that was not to be, after testing the $12,000 resistance level recently, it has pulled back a second time. The flagship cryptocurrency seems to be gathering strength to surpass the $11,500 support level hurdle. Despite the corrections, there are more reasons to believe that bitcoin will soar past its price hallmark in 2019 and record new highs. The question is, how could this play out?
BTC Price Corrections And Recuperations
BTC is recuperating from the price corrections that brought it down to 4 digit prices. As the prices fell down, some analysts were quick to declare a sudden bearish turn, reporting that the prices would revisit $4000. As bad as it would be, if such prices resurfaced, it would also turn out to be good news for bitcoin traders awaiting the price retraction- a perfect time to invest.
However, this was not to be as bitcoin halted its downward trend and picked up. Bitcoin has been retracing its steps to the top. The digital currency has recently broken the $12,000 resistance level although it has failed to hold above the same.
But according to price analysts, the routine price corrections are necessary for the stable health of bitcoin when it reaches higher price levels.
How It Would Attain Higher Price And Beyond.
About a week ago, BTC attempted 2019 new highs. But the hopes of further price progress were shattered when the prices plunged soon afterwards.
Bitcoin generated excitement among its investors when it bounced back to recover its dumped prices. A major concern however, was whether it would retest its January 2018 all-time highs.
Analysts believe that bitcoin’s price hallmark is still on the horizon. But to get there, the crypto sphere must get used to constant price retractions. Among the analysts supporting the claim is Josh Rager who tweeted that before the significant Bull Run, bitcoin would experience a possible 30% pull back.
Rager also stated that the pullback will be of benefit to those who would understand the pullback and accumulate. He examined bitcoin 30%+ pullbacks experiences that usually precede an uptrend.
Ragers sentiments were echoed by Anthony Pompliano, a bitcoin maximalist who added that bitcoins journey to break its all-time highs would be coupled by 30% retractions. He therefore warns investors and enthusiasts not to get distracted, it’s the only path to new all-time highs.
BTC In The Market
Currently, bitcoin is holding onto prices above the $11,500 support levels and preparations are underway for a new and fresh uptrend. There are no indications of further corrections, although they might be inevitable after the next jump.
As per the sentiments of crypto analysts, it’s just matter of time before the new 2019 highs are reached. All we need is a little patience.