Bitcoin Price Retraces From $4,000, Have We Hit Rock Bottom Yet?

The $4,000 price range is Bitcoin’s resistance level given that the cryptocurrency trades around that range for a few hours before finding support around $3,800. As at press time, Bitcoin is valued at $3,971 and cryptocurrency analysts believe that we may have just hit the bottom which may set the pace for gradual price uplifts.

Bitcoin Has Had a Rough Time in the Past Year

Bitcoin has had a rough time over the past year and has received a lot of sentiments. From its $20,000 price tag in December 2017 to the $3,000 level which it is currently priced at. Depending on the exchange, location, and the market (USD, USDT, etc.) being exchanged for the asset, the price tends to vary.

Nevertheless, these deviations are not significant since the difference is only by a couple of cent. However, cryptocurrency analysts are predicting that we may have just hit rock bottom. As such, the next phase could be a gradual increment in the price of the virtual asset.

Cryptocurrency Analysts Predictions

For instance, MagicPoopCannon is of the opinion that Bitcoin won’t go lower and if it does, it will be slightly less than the $3,150 which has been its lowest within the past year. Likewise, Satoshi, MBA, a cryptocurrency technical analyst stated that the 15-month correction which Bitcoin has undergone is in its final phase. The next phase will be a gradual accumulation, he predicts.

The analyst also said:

How can possibly not be bullish right when we’re at the bottom of this bear market. Accumulating as much BTC as I can here to be honest. When bitcoin approaches its new all time high again, I’ll be bearish.

Increased Level of Interest In Altcoins of Late

While Bitcoin is recovering, a lot of interests has been given to altcoins of late. Some of these assets have seen significant growth in price within 24 hours. An instance is the case where an altcoin’s price increments by 40 to 80 percent overnight. In Satoshi, MBA’s opinion, large gains of this nature may help to lift the sentiment of the crypto market.

We’re still looking forward to Fidelity Investment’s launch of its proposed custody platform to see if it’ll garner the interest of institutional investors to enter the space. Chicago Board Options Exchange (Cboe), on the other hand, informed that it has discontinued its launched of its Bitcoin futures. Many have assumed that this may have resulted from low level of interest from institutions.

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