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December 23, 2019 @ 21:53 +03:00
Bitcoin price is finally exhibiting price action that suggests it could be building a base in which a final local bottom could set. However, according to one crypto analyst, the first-ever crypto asset is likely to take another last-minute $1,000 dive to retest lowers before going on the real rally, offering crypto investors one final shakeout to hold through before the bull run returns.
As the year comes to a close, Bitcoin may finally be once again returning to the bullish momentum it had during the first half of the year. During that time, Bitcoin exploded out of its bottom trading range below $4,000, resulting in a multi-month parabolic rally and as much as a 350% return on investment from through to peak.
But after Bitcoin price set a high for the year, it’s been steadily falling deeper back into a downtrend that has shown no signs of slowing down until the last few days, when the crypto asset appears to have begun to build a base, much like what occurred for price action when Bitcoin bottomed out near $3,100.
Should the same thing occur, Bitcoin may suffer yet one more crash down $1,000 back into the $6,500 range before making its final push out of the current trading zone.
Mark Dow, the former IMF economist that famously shorted Bitcoin’s 2017 peak, has been telling crypto traders to watch for signs that a base was forming before considering taking a new position in Bitcoin. These early signs that a base may be building are finally here, and the final plunge down could be the final test of support that’s necessary to give bulls enough conviction and confidence to make yet another strong push higher – one that’ll propel the leading cryptocurrency by market cap up out of the $7,000 range and back into the $8,000 range.