After a powerful parabolic rally in the second quarter of 2019, the price of Bitcoin is struggling to maintain the bullish momentum that once had a crypto asset, and is currently consolidating in the emerging triangle.
Despite an 80% decline relative to its historic high, a fairly large number of investors are still cautious and short in bitcoins in the low price range.
Earlier this week, bitcoin shorts reached a 3-week high, demonstrating a lack of investor confidence in the cryptocurrency market in the short term.
After repeated attempts by the bulls to raise the price for BTC to new highs, the market has become bearish and expects that a minimum cycle will be set in which buying interest will return mainly. But after this minimum cycle was set, one of the well-known Bitcoin investors believes that after Bitcoin’s price drops again above $ 10,000, this will be the last time the price is ever noticed.
Is this time different?
Everything goes in cycles, and history often repeats. But when it comes to analysts claiming that once Bitcoin’s price again exceeds $ 10,000, four-digit prices will be a thing of the past, this time it really could be different.
According to a trader known in the cryptocurrency industry as Galaxy, $ 3,000 bitcoin is a rare opportunity to buy, which may not appear in the future.
Based on this trend, the trader noted that, probably, investors will never be able to buy bitcoin at a price of $ 3000 per coin, and the dominant cryptocurrency is on the way to recovery (in 1-2 months).
However, if $ 10,000 fails as support in the coming days, and new cycle lows are reached, they are likely to be bought up with ferocity and supported by long-term moving averages, confirming the bull market and causing Bitcoin to go up again.
And if $ 20,000 becomes the new limit for Bitcoin prices, prices around or below $ 10,000 will never happen again.