Since January this year, the entire market has been under a bearish grip and post-Bitcoin’s $5900 low on the 6th of Feb, it has been on a slow upward trend. Among the top 10 tokens according to market cap, in the past seven days, Monero is the highest gainer at 34%, followed by Bitcoin at 19%.
Bitcoin is currently trading at $11,590 with a market cap of $195 billion almost double of its closest competitor, Ethereum. Early January, Bitcoin’s dominance had fallen to under 35% and now it is back up to 41%.
Alessio Rastani, a stock and forex trader, also the founder of LeadingTrader in his recent Youtube video talks about the possibility of Bitcoin breaking through its key barriers at $11,700 and reaching new heights. He says (paraphrased),
“Post the $5900 low, Bitcoin has had an impulse wave where it raced from $6K to $11,700 before experiencing a pullback and drawing back to $9200. This follows the Elliot Wave Theory and there is a very high possibility that it will break resistance and head to the $14K levels”
Screen grab from Alessio Rastani’s Video explaining the Elliot Wave Theory
In an earlier investigative series in Feb first week, AMBCrypto had published the possibility of Bitcoin dropping to $6000 before climbing back up. Although it partly did turn out to be true, the second prediction of Bitcoin hitting $14K around March 2nd week is still yet to be seen.
We spoke to investors and analysts alike to understand their views on the possible scenarios for Bitcoin in the coming few weeks.
Wally Sievers, a Forex and cryptocurrency investor says,
“If we had the same trading volumes of December or early January, Bitcoin would have already broken through its resistance and we would be waiting for the next big high. After such a loss where 70% of the value is lost, it takes time for the markets to build trust again. The slow gradual growth in the past few days to the current 11.5K levels means there aren’t big sellers left. Should be only high from here”
Martin McClenny, an Investment Banker from New York says,
“Just when the world seems to have had enough of Bitcoin, it will rise. Right now all the small green candlesticks are gamblers, the chances of you making money here are higher than at a Roulette table”
Ray Welch, a veteran cryptocurrency investor from Sandton says,
“I’m not getting excited yet, let it go past 12000 and then I will get excited. It is easy for someone who has so much vested in this to get excited about small green sticks. HODL HODL”
Shaun Owens, a Bitcoin miner from San Jose says,
“Where’s the drama? You need theatrics in the media for wild swings. The low trading volumes and sideways trading are getting boring. Look at the entire picture, will Bitcoin go to zero? You know the answer, NEVER. It will break the barrier eventually and we will see greater highs. No Moons and Pluto but 50Gs atleast”