The voices of bearish experts cannot be ignored no matter how the Bitcoin price moves. After BTC surpassed eighty-four hundred dollars mark ($8,400) striving to reach nine thousand dollars ($9,000) a bunch of sceptical dealers have surfaced to propose that the bitcoin party will soon end.
The cryptocurrency market, like any other market, is uncertain. Recently, BTC achieved ten percent (10%) worth bringing it to new YTD highs. Some saw this as an extension of a moonshot while others are doubtful.
This is the FOMO phase of the advance. Once the majority of sold-out crypto bulls capitulate and chase this rally a more sizable correction will likely occur, stopping out the same bulls, who are chasing this advance. pic.twitter.com/xqeIWKfwEQ
— Peter Brandt (@PeterLBrandt) May 27, 2019
Peter Brandt is about fifty percent (50%) certain about BTC’s success. He noted that this expedition would reach near nine-thousand dollars ($9,000), he believes that BTC has entered the FOMO phase of this parabolic advance suggesting that the advance might reach a local peak soon (recommending a drawdown is close).
Brandt proposes that after the bulk of sold-out crypto bulls yield a substantial correction will occur. The targets of this move mentioned by Brandt were nine thousand thirty-two and ten thousand and six hundred dollars ($9,320 and $10,600).
He is not the only one to suggest this move. Walter Wyckoff-a dealer records that BTC has always risen from lows to its 0.382 Fibonacci Retracement level and then faced a forty percent (40%) correction before the next Bull run.
As is, the cryptocurrency’s 0.382 Fibonacci is at ninety-five hundred dollars ($9,500), indicating that BTC will enter the region soon and then go back over forty percent (40%) to fifty-eight hundred dollars ($5,800).
Although Brandt & Co.’s harrowing comments are valid, some are sure that Bitcoin will not halt its flight soon. Essentially, BTC and it’s market value still appear resilient.
Last time $BTC was this overbought (RSI) on a daily chart was December 6, 2017, with price at $13700. Back then, a parabolic move ensued.
— Alex Krüger (@krugermacro) May 11, 2019
Industry’s infrastructure is not similar to what it was in the past cycles. Experts breed the idea that ten thousand dollars ($10,000) might not appear as a local top. Alex Kruger recapped his followers that Bitcoin still has room to develop.