Hello, fellow crypto enthusiasts! Are you still out there? Of course, you are, you are not going to let a 40% to 50% dump in the price of cryptos scare you off! Having survived this bear market will only serve to make you stronger in the future.
I am once again going out on a limb here to speculate about the possible future price action for Bitcoin. The last couple of weeks have been pretty rough with Bitcoin finally breaking through the 2018 low of $5755 (Bitfinex). Not only did it break the 2018 low Bitcoin also blew right through $5000 with relative ease and then eventually the $4000 level failed also.
So, I feel that the old support zone was so strong and held for so long that I believe Bitcoin at some point in the near future will rise up and re-test that zone which now will act as resistance. I see this zone as running from the old 2018 low of $5755 up to about the $6400 level. My personal feeling is that this re-test will fail and the price of Bitcoin will once again fall into the $3000 to $4000 level.
Having broken the 2018 low which held for so long I now feel that this will extend the bear market for many more months, possibly through the end of next year. Obviously, at some point, Bitcoin will find an ultimate bottom but how much lower will that be? I think that it is very possible that Bitcoin eventually could re-test the 2013 high of $1175. Having said all of that I want to reiterate that I still remain very bullish on cryptocurrencies long-term, we just have to withstand this bear market to see the rewards of the next bull market. I wish that was not the case and who knows I could be totally wrong and believe me nothing would make me happier but being realistic I feel that we have to be ready for more pain before things get ready. If we do indeed have many months to go before the next bull market, one positive aspect will be that it will give us plenty of time to accumulate our favorite cryptos or additional time to save up fiat to buy our favorite cryptos.
I am once again going out on a limb here to speculate about the possible future price action for Bitcoin. The last couple of weeks have been pretty rough with Bitcoin finally breaking through the 2018 low of $5755 (Bitfinex). Not only did it break the 2018 low Bitcoin also blew right through $5000 with relative ease and then eventually the $4000 level failed also.
So, I feel that the old support zone was so strong and held for so long that I believe Bitcoin at some point in the near future will rise up and re-test that zone which now will act as resistance. I see this zone as running from the old 2018 low of $5755 up to about the $6400 level. My personal feeling is that this re-test will fail and the price of Bitcoin will once again fall into the $3000 to $4000 level.
Having broken the 2018 low which held for so long I now feel that this will extend the bear market for many more months, possibly through the end of next year. Obviously, at some point, Bitcoin will find an ultimate bottom but how much lower will that be? I think that it is very possible that Bitcoin eventually could re-test the 2013 high of $1175. Having said all of that I want to reiterate that I still remain very bullish on cryptocurrencies long-term, we just have to withstand this bear market to see the rewards of the next bull market. I wish that was not the case and who knows I could be totally wrong and believe me nothing would make me happier but being realistic I feel that we have to be ready for more pain before things get ready. If we do indeed have many months to go before the next bull market, one positive aspect will be that it will give us plenty of time to accumulate our favorite cryptos or additional time to save up fiat to buy our favorite cryptos.