The leading cryptocurrency Bitcoin [BTC] rally suffered a shocking downfall earlier on yesterday when a $35 Mln sell order triggered a vicious flash crash on Bitstamp exchange, as ‘reported‘ by EtherDesk. By the time the asset had stopped falling, the the price if Bitcoin had plunged as low as $6,894 USD, and over $32 Bln’s had just gone away from the crypto-market cap.
A senior analyst at ‘eToro‘ named ‘Greenspan,’, searched concerning the sudden pullback in daily market commentary shared with CCN, adding that it was “picture perfect” and could pave the path for the bitcoin worth to blast towards a all new uncomparable high over $20,000 USD.
What might presumably be optimistic regarding this cryptocurrency bloodbath? Greenspan outlined that this sell-off would offer analysts with a better and higher image of the better nature of the recent bitcoin’ price rally.
“The pullback is happening as we speak. This is often a good factor as it permit us to better perceive the character and scope of the recent rally. Once the things are simply going straight up, it becomes really very difficult to assume how far they’ll go just like this.”
“It should conjointly assist us to eventually make the distinction and say if this is a bullish market or just simply a bull run. Not to mention, providing a less expensive price for those willing to purchase bitcoin without having to buy at the highest price marks.”
Whereas maybe uncomfortably reminiscent the 2018 cryptocurrency crash, Greenspan outlined that the sell-off had not plunged bitcoin below any key support levels, nor had it caused BTC to fall below its long run ascending trend-line.
A swift recovery wouldn’t solely confirm the market’s optimistic sentiment but would conjointly place the bitcoin price on the fast-track to again test the record high it set earlier in the month of December 2017. That’s because the flagship cryptocurrency faces “virtually no major levels of [technical] resistance” till it ‘approaches‘ $20,000 USD again.
Moreover, this bull narrative hangs entirely on Bitcoin [BTC] rebounding within the short-run, instead of slouching back toward its bearish market lows.
Thereby, Greenspan warns all traders, “Just trade with cautions.”