Bitcoin’s [BTC] future: Prominent traders expect 30-40% correction in price, followed by a bull rally

Bitcoin’s [BTC] future: Prominent traders expect 30-40% correction in price, followed by a bull rally

CNBC’s Ran NeuNer spoke to a few prominent bitcoin enthusiasts at the Consensus 2019 and explored how bitcoin would perform in the upcoming weeks.

Tone Vays said that he was skeptical about the recent rally and that he needed a few confirmations to believe that the recent surge was the start of a bull run. He said:

“… I’m looking for correction between 33.3% to 40%… I’m still a little skeptical. I need to witness a pullback and a new swing high; I’m a big believer that the markets move with higher lows and higher highs. We are working at a higher high but we have not had a pullback.”

He further added that the pullback would be healthy if it was between 30-40% and that it would also be a good start to the bull run. If the pullback did not stop, it would make a new low where a lot of accumulation would occur. It would also signify strength and a possible start of the bitcoin run, Vays added.

Peter Brandt said that the parabolic rally was underway as there were resistances at $6,600 and $6,800. He added:

“I really thought that we could go to $6,700, $6,8000 and hiccup at that level and possibly retest but we haven’t. So does that mean, we, at some point, go into congestion area and retest $5,700 and $6,000 level? Or do we go parabolic? “

In addition, he opined that bitcoin wouldn’t go parabolic from here and that this parabolic move would make “dumb money chase it”. He also added that he had taken off light profits at the peak.

At press time, bitcoin had surged by 10% over the day and was retesting the $8,000 level. However, the king coin has not broken through that range yet. bitcoin, at press time, was priced at $7,970, with a market cap of $140 billion.

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Published at Mon, 20 May 2019 11:16:29 +0000