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Bitcoin (BTC) will never be so cheap again after April

Bitcoin (BTC) will never be so cheap again after April

Despite being down 80 percent from its all-time high, a fairly large number of investors are still cautious and shorting bitcoin in a low price range. Bitcoin shorts achieved a 3-week high earlier this week, demonstrating a  lack of confidence of investors in the cryptocurrency market in the near-term performance of bitcoin.

But, according to a trader known to the cryptocurrency industry as “Galaxy,” bitcoin at $3,000 may be a rare opportunity that does not come again in the future. According to Galaxy, since its inception, bitcoin has established a trend of reaching a new all-time high, enduring a steep decline in price, initiating an accumulation, and recovering to a new high.

Based on that trend, the trader said that investors will likely never see Bitcoin at $3,000 once again after April and the dominant cryptocurrency is en route to recovering in 1 to 2 months. He said: Although prices may appear to be random (to some), they actually create repeating patterns and trends. Observing this pattern makes April the last month of cheap BTC. And now, of course it will be cheap multiple times in the future, but never $3,000 cheap. There are several traders and technical analyst who foresee bitcoin replicating its price movement in November wherein it experienced three months of stability and fell by nearly 50 percent in the following month.

Bitcoin is Cheap Until April, We’ll Never See Price at $3,000 Again: Trader, CCN, Mar 15

Source: FxPro

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