The price of bitcoin has been consolidating below the $17,000 mark after dropping abruptly from $19,2000 earlier this week, but analysts have been weighing in whether the bull run is over or not: most appear to believe it still has legs.
CryptoCompare data shows that BTC is currently trading at $16,800 after losing 1.4% of its value in the last 24 hours. Over the last 12 months, the cryptocurrency is notably still up by 123% as it only breached the five-figure mark in late July.
Cryptocurrency traders have, on social media, been looking into the price of the flagship cryptocurrency and using technical indicators weighed whether the bull run that saw it come close to its previous all-time high was over or not.
The fundamentals behind BTC’s upward price movement this year, according to John Kramer, a trader at crypto trading firm GSR, appear to still be there. Speaking to Business Insider he said that while a “cooldown is to be expected” there are “more well-known fund managers and institutions re-examining their Bitcoin theses every day, it’s getting harder to not take the asset more seriously.”
Peter Brandt, the technical analyst who called bitcoin’s 84% correction back in 2017, revealed he believes the price of bitcoin may correct further, adding the price didn’t reach its top.
If so, bitcoin’s price could still surpass its previous all-time high near $20,000, which was seen back in December 2017. Another cryptocurrency analyst, known as “Cred” on social media, pointed out that overnight leveraged positions going long on BTC “got crushed.”
Cred added this led to a “drastic reduction in open interest,” but pointed out that while “levels aren’t great up here” he is willing to keep on adding BTC to his portfolio as it falls to $16,000. If that level fails to hold, he said, $13,800 is to be considered.
It’s worth pointing out that around $13,000 was the top of the level in the previous bitcoin rally back in June 2019. That level could now be acting as support for the price of the flagship cryptocurrency.
Another popular pseudonymous crypto trader, going by “Salsa Tekila” noted that he has “green light” to buy bitcoin is it goes back above $17,500.
Presumably, the trader believes that if BTC surpasses that mark it will keep on going up to test its previous all-time high.
Featured image via Pixabay.