Bitcoin price may fall to $1,850, despite the bullish momentum

In the past 3 months, the Bitcoin price has been relatively stable, performing strongly against the U.S. dollar with solid volume across major markets in the likes of the U.S. and Japan. Since December 16, within a 3-month span, the Bitcoin price has increased from its yearly low at $3,122 to $3,943, testing the $4,000 resistance level.

The stability of Bitcoin has led many tokens and alternative cryptocurrencies to record large gains against both BTC and the USD, with assets Litecoin, Enjin Coin, and Kyber Network surging by 50 to 100 percent in short time frames. However, speaking to CCN in an interview, a cryptocurrency technical analyst known as “Bleeding Crypto” said that a drop to $1,850 still remains a strong possibility for the dominant cryptocurrency.

Earlier this month, after Bitcoin cleanly broke out of $4,000 but failed to break out of the crucial $4,200 resistance level, the technical analyst said that a drop to $2,400 to $3,100 is likely to be the next near-term move for BTC. Bitcoin never re-tested the $2,450 mark once it recovered from $1,800 and due to the steep decline in the price and momentum of the asset in the past year, the analyst said that a potential drop to $2,450 is possible in the months to come.

He further emphasized that if BTC ends up re-testing $2,450, a similar drop as mid-2018 to $1,850 could be triggered, establishing a proper bottom for the asset. In recent weeks, several cryptocurrency traders and recognized analysts have suggested that the lack of re-test at previous support levels even at $3,300 are leading traders to be cautious about any short-term upside movement for Bitcoin.

Bitcoin Price Could Sink to $1,850 Despite Bullish Crypto Momentum, CCN, Mar 10