Bitcoin Will Drop Near $3,500 Before a Major Rally: Trader

After achieving $4,097 in global average price according to data provided by Coinmarketcap.com, the bitcoin price has retraced to $4,027 and below the $4,000 mark in some major markets. As bitcoin fell by just over 1 percent against the U.S. dollar, the valuation of the crypto market declined from nearly $142 billion to $139 billion in a matter of hours.

Speaking to CCN, a widely recognized cryptocurrency trader known to the community as “The Crypto Dog” said that bitcoin could still hit the $3,500 mark in the short-term and that the conditions of the market haven’t changed in the past several days. “I think we could still see $35XX,” the trader said, adding, it [bitcoin] hasn’t changed much. It wasn’t a particularly significant move. It bounced at a clear support, but there’s been no positive reaction yet. If this support holds, I expect a sweep of the highs near $4,100-$4,140.”

The cautious optimism towards the price trend of bitcoin by many traders and technical analysts likely comes from the performance of BTC in recent months. Since late 2018, bitcoin has struggled to sustain momentum following an extended period of stability. In November, for instance, after remaining relatively stable in a tight range from September to November, the bitcoin price plunged from $6,395 to $3,236 within a month.

Bitcoin Will Drop Near $3,500 Before a Major Rally: Trader, CCN, Mar 22