A popular cryptocurrency analyst on Twitter, Josh Rager, took to Twitter to explain that the number one cryptocurrency could be caught in an accumulation zone until mid-July of this year.
According to the crypto trader, it took Bitcoin 216 days for accumulation from bottom to spring in 2015 and if this was indeed an accumulation phase, this week’s $1000 candle would be the exact middle of 216 accumulation days and would therefor end on July 19th, 2019.
The trader does point out that although this is pure speculation, it is fun to compare nevertheless.
$BTC Accumulation Pattern
It took Bitcoin 216 days for accumulation from bottom to spring in 2015
If this were accumulation, this week’s $1000 candle would be the exact middle of 216 accumulation days and would end on July 19th, 2019
Pure speculation but fun to compare pic.twitter.com/I6YfHiqwdW
— Josh Rager 📈 (@Josh_Rager) April 5, 2019
Rager further points out that in the previous bear market, Bitcoin formed an accumulation pattern between its 100-day moving average and its 200-day moving average, which may be a similar trading range for BTC in the near-future.
$BTC Accumulation W Chart
Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA
Similar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MA
One possible scenario to observe next few months pic.twitter.com/BHZ3YN6kHZ
— Josh Rager 📈 (@Josh_Rager) April 6, 2019
In February Chepicap reported that Rager stated that after 2021, Bitcoin could move much higher in price making it unaffordable for the general public to afford an entire bitcoin. Most people will then only be able to purchase a fraction of BTC as the price could eventually be out of reach for most.
This “could be” the last time the general population can afford to buy an entire $BTC
After 2021 – Bitcoin could move to a market price where most will only buy fractions
— Josh Rager 📈 (@Josh_Rager) February 11, 2019
As the crypto markets are now in the middle of the weekend trading session, Bitcoin has been able to maintain its upwards momentum, and has been able to continue its upwards trend.
Bitcoin is currently trading around $5,143 and is showing a 2.39% growth on yesterday’s prices. Today’s uptick was fueled when BTC briefly dipped below $5,000 earlier today, indicating that this level has become a region of support for Bitcoin.
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