Bitcoin Could Plunge to $3,000 Even if it Surges Above $4,200: Trader

In the past 48 hours, the valuation of the crypto market has increased by $6 billion from $136 billion to $142 billion, accompanied by the strengthening momentum of bitcoin. Tokens and low market cap crypto assets have continued to demonstrate strong gains against both bitcoin and the U.S. dollar, with Decentraland (MANA) recording a gain of over 34 percent on the day.

However, despite the strong performance of crypto assets and the stability of bitcoin at $4,000, one cryptocurrency trader sees bitcoin dropping to $3,000. According to one cryptocurrency trader, even if bitcoin hits the $4,200 resistance level, which has been widely considered as a key level for the dominant cryptocurrency to break out of, it is vulnerable to a drop to the low $3,000 region.

The forecast of bitcoin dropping to the $3,500 region by a technical analyst known as “The Crypto Dog” is noteworthy because the analyst has been consistent on the positive trend of alternative cryptocurrencies throughout March. “I don’t know exactly what is going to happen (of course I don’t, I’m not a wizard), but this doesn’t seem like a typical dump at all. Yes – everything certainly could collapse into fire in the next hour, but my gut says we go up from here. Alternative cryptocurrencies looking bullish,” the analyst said.