After yesterday\u2019s monumental price surge that led Bitcoin to surge from the low-$4,000 region and past $5,000, there has been a lot of noise as to whether or not this move confirms the end of the persisting bear market \u2013 and if so, whether or not BTC will begin moving towards its late-2017 highs of nearly $20,000.<\/p>\n
Although embattled investors are understandably anxious for the persisting bear market to be over, one prominent cryptocurrency<\/a> analyst explained that he believes Bitcoin will continue pushing towards $5,500 before it incurs a significant amount of selling pressure that pushes it back into the $4,000 region.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up over 6% at its current price of $5,015, up from its 24-hour lows of $4,700. Yesterday\u2019s price surge came on the heels of Monday\u2019s surge that sent BTC from roughly $4,200 to above $4,800, which ultimately resulted in a massive upwards swing that harkened back to the days in which the crypto markets would see price moves of this magnitude on a consistent basis.<\/p>\n Although this parabolic price move has led many investors to flip bullish on Bitcoin and the crypto markets as a whole, traders ought to move slowly before making any large decisions, as one analyst believes Bitcoin will retrace back towards $4,500 in the near future.<\/p>\n UB, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, noting that he will be looking to open short positions on BTC after it reaches $5,500.<\/p>\n \u201c$BTC – I’m expecting a test of ~5.5k before any significant pullback which is where I’ll begin to look for shorts. After that, I’m a buyer in the $4.6k to $4.5k area. This is pure speculation but I could see a new Range form at $4350 to $5550 before the next major move,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – I'm expecting a test of ~5.5k before any significant pullback which is where I'll begin to look for shorts. <\/p>\n After that, I'm a buyer in the $4.6k to $4.5k area. <\/p>\n This is pure speculation but I could see a new Range form at $4350 to $5550 before the next major move.#BTC<\/a> pic.twitter.com\/y02NmLcpP4<\/a><\/p>\n — UB (@CryptoUB) April 3, 2019<\/a><\/p><\/blockquote>\nBitcoin Maintains Upwards Momentum After Yesterday\u2019s Price Surge<\/strong><\/h2>\n
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