The Bitcoin (BTC) price is on a tear. Just yesterday, the world’s first cryptocurrency surged more than 10 percent against the U.S. dollar to hit $10,000 for the first time since May 2019. That represented a 100-percent rally from its low point of $3,300 in January 2018 and a near 300-percent rally from its all-time high of almost $20,000 back in December 2017. As such, many are wondering whether there’s more upside potential left for BTC/USD price action over the coming months or if it will crash back down below its previous lows as some analysts have predicted before.
- Bitcoin (BTC) price may still drop 40 percent from its current level, a Cointelegraph Markets analyst suggested on Sept. 14, as U.S. futures markets continue to figure in the future of cryptocurrencies.
- Bitcoin (BTC) price is nearing its all-time high but bears remain skeptical about the cryptocurrency, and their skepticism could lead to a sharp drop in price, according to an analyst at Cointelegraph Markets.
Bitcoin Might Witness New Low
In reality, Cointelegraph Markets analyst Michaël van de Poppe said, the situation was anything but.
“The current crypto market still has plenty of room to grow,” he said. “It’s not a bubble.”
Van De Poppe explained that his firm’s analysis is based on historical data from other market cycles and Bitcoin price charts. He also noted that there have been several false alarms about bubbles bursting in recent years which did not lead to any significant drop in prices.
While it may seem as if the market is bullish on BTC/USD, in reality, it isn’t. The CME outflow is not indicative of demand for Bitcoin. Rather, it shows that traders are exiting their positions and taking profits on a market which has been volatile since last year’s bearish trend began. While there was some hope for a turnaround when BTC/USD rose above $6,000 earlier this month, those hopes were quickly dashed when prices dropped below $5,000 again shortly after reaching that benchmark level – just like they did back in April before briefly rallying again later that month as well.