Bitcoin Gonna Break Your Dreams Again, after Hitting Top $10,500 it might touch $6,500 again

“Last Time Bitcoin Did This, It Bottomed at $6,400. It’s About to Happen Again” – says NewsBTC.

Bitcoin Could Bottom Very Shortly: Here’s Why

Although Bitcoin seemingly moves irrationality, bouncing between prices here and prices there, the cryptocurrency acts like other markets in that prices of historical relevance are tested again and again.

Josh Rager, a well-known crypto-asset trader, recently touched on this, arguing that this propensity to retest historical levels may mean BTC will soon bottom

In a chart shared on Sunday, Rager suggested that Bitcoin has the potential to find a bottom of the bear trend at $8,160 — 4.5% below the market price as of the time of this article’s writing, $8,550. He elaborated:

“The point of control for the entire [history of the CME BTC futures] is at $8,160.”

This fact is relevant because the last time Bitcoin encountered an area of historical high volume, it put in a decisive bottom. As Rager explained further: “Last time Bitcoin hit a major high volume area was at the local bottom around $6,400, which led to a price reversal.”

A point of control, for those unaware, is a price point that an asset has traded at most (determined by the volume/market profile) over a chosen time period. In cryptocurrency, a digital asset’s POC is often seen as either a level of support or a level of resistance, depending on if the asset is trading above or below it.

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Initiating acceleration of solutions Apoorv Gupta (AG) is serial entrepreneur and known for growth hacking, brand management, scalability consulting. He is well conserved in fintech and blockchain space. Monitored and analysed both short and long-term growth plan for startups. Specialties: Investment analysis, competitive analysis, business development & growth marketing.

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