Disclaimer: All of the content written on CoinMarketExpert is unbiased and based on objective analysis. The information provided on this page should not be construed as an endorsement of cryptocurrency, a service provider or offering and should neither be considered a solicitation to buy or trade cryptocurrency. Cryptocurrencies carry substantial risk and are not suitable for everyone. See further disclaimer at the bottom of the page.Flash Alert: Wednesday 12th February What happened after our update on the 3rd of February?
In our update last week, we had stated that “we cannot discount the possibility of seeing some selling pressures creep back into the market” following a strong rally and had stated that “any short-term selling pressures are likely to act as a springboard to propel Bitcoin towards higher highs“.
Bitcoin did, as a matter of fact, dip from the $9,304-$9,618 on 3rd February to reach an intra-day low of $9,093 a day later before resuming a powerful rally that saw BTCUSDT rise to an intra-day high of $10,450, as at the time of writing today.
From the time we wrote our update (on 3rd February) to date, the price of Bitcoin is up by a further $1,146 or 12.3%.So where do we stand from here?
As we have repeatedly stated, Bitcoin is entering the most bullish phase of a bull market megacycle and we believe that Bitcoin is very likely to retest its previous high of $14K before the May halving (‘halvening’)
But we also expect volatility to keep rising, especially between $10K and $12K region, so trade carefully because there will be bumps along the way. Temporary selling pressure is nearly always necessary, as it helps to garner momentum for the price to reach higher highs.
So far we are very pleased with our research and analysis on Bitcoin, having mathematically proven where a potential bottom for Bitcoin could reside (as far back as 4 months ago). We even provided an accurate guesstimate...