On Wednesday, Bitcoin (BTC) embarked on a slight rally, moving from its local support at $5,200 to higher levels as most other crypto assets, like Ethereum, XRP, Tezos, and Binance Coin, rallied strongly. As of the time of writing, BTC has found itself at $5,300, posting a 1% gain in the past 24 hours, while a number of altcoins have gains in the low single digits (2.5% to 5%).<\/p>\n
Although cryptocurrencies are expressing signs that they are looking to surge for a second time, some analysts are adamant that BTC<\/a> will flatline from here. But, that isn’t necessarily a bad thing for crypto’s prospects.<\/p>\n After BTC exploded from $4,150 to $5,000 on the back of renewed institutional interest and an influx of buy-side volume, investors across the board were calling for cryptocurrencies to skyrocket even higher. This 20% move, which came within 24 hours, was such a breath of fresh air that traders were, let’s say, high on the high.<\/p>\n Prominent crypto trader Josh Rager<\/a>, however, tried to calm traders. In a tweet, the advisor to cryptocurrency startup Level claimed that BTC’s accumulation phase in the 2014 to 2015 bear market lasted for a painful 216 days<\/a>. When BTC spiked past $5,000 in this cycle, accumulation had only occurred for around 110 days. In other words, if the crypto market was to rally further, widely-followed historical trends would have to be deemed moot.<\/p>\n https:\/\/twitter.com\/Josh_Rager\/status\/18775552<\/p>\n Rager continued that thought process two days later. In another piece of technical\/fractal analysis posted on Twitter, the commentator remarked that during the previous cycle, BTC’s 100 one-week moving average (MA) acted as an overarching resistance for months before an eventual breakout. And as the digital asset is trading well under its 100 MA on its weekly chart, an argument can be put forth Bitcoin is likely to slow from here for months on end<\/a>.<\/p>\n Fractal-friendly chartist CryptoHamster, too, made it clear that BTC could enter a state of sluggish movement. Hamster was clear that if cryptocurrencies really did bottom when BTC hit $3,150, the market will remain within a tight range until mid-May at minimum, before determining where to head next.<\/p>\n Bitcoin after the low in 2015 and 2018. — CryptoHamster (@CryptoHamsterIO) April 10, 2019<\/a><\/p><\/blockquote>\nBitcoin To Stagnate From Here?<\/h2>\n
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Nothing outrageous is expected.
Except the bull market. But it is pretty normal. $BTC<\/a> #bitcoin<\/a> $BTCUSD<\/a> pic.twitter.com\/ATdvm0aZK8<\/a><\/p>\n