Bitcoin Price Could Crash by 50% in 2019: Veteran Crypto Traders

Joseph Young
Veteran crypto traders maintain that the bitcoin price could bleed as much as 50% more before the selling stops. | Source: Shutterstock

Throughout the past week, the bitcoin price has increased from $3,901 to $4,048, by nearly 4 percent against the U.S. dollar.

The relatively strong short-term performance of bitcoin led alternative cryptocurrencies to engage in large upside price movements, allowing the valuation of the crypto market to rise by about $7 billion.

crypto market cap

The crypto market cap has added around $7 billion in the past week. | Source: CoinMarketCap

However, while traders, technical analysts, and strategists generally remain positive on the mid-term price trend of bitcoin, some traders foresee the dominant cryptocurrency retesting key support levels in the mid-$3,000 region.

Will Bitcoin Drop Back to $3,000 or Was it the Bottom?

Since December 2018, bitcoin tested the $4,200 resistance level twice and cleanly broke out of the $4,000 mark on three occasions.

Following the two attempts to reach $4,200, the bitcoin price pulled back to the $3,700 to $3,900 range, unable to sustain momentum possibly due to a lack of capital inflow and volume in the cryptocurrency exchange market.

As such, some traders believe that if bitcoin is not able to demonstrate a promising rally above the $4,200 to $4,600 range in the near-term, there exists a high probability that the asset drops back to its support levels at $3,500 and above.

Read the full story on CCN.com.