A prominent and familiar analyst in the cryptocurrency Murad Mahmudov community of Adaptive Capital gave a potential scenario he saw against BTC.
Mahmudov described the fact that over the past three weeks, Bitcoin tried to test 5,350 levels and had failed up to seven times. After one or two test attempts at this resistance – will take place in the next two weeks – assets will likely witness the breakthrough. And once the 5,350 USD broke down in a convincing way, Mahmudov explained that BTC could easily rise to 5,750 USD – a very important level, this is where Bitcoin was traded during the last several months of 2018.
However, according to Mahmudov, if the BTC does not break the USD 5,750, it can easily crash on regions 4,800 to 5,000 USD.
This fits his previous theory that cryptocurrencies have yet to escape the bear market. Previously, he drew the Community's attention to the 1,700 USD area, where he believed this was the real bottom of Bitcoin.