Even though experts say that the cryptocurrency winter is almost over but Bitcoin [BTC] couldn’t recover beyond $4,000 in the past three months. In addition, cryptocurrecny market faced 82 percent drop in the valuation in the past one year.
Josh Rager, a cryptocurrency analyst and investor, said that based on the price trend of bitcoin since 2011 and the pattern of bitcoin rebounding, the dominant cryptocurrency will surpass $150,000 by 2023. He predicted bitcoin will achieve new peak price in 2,051 days, by 2023.
According to Rager’s prediction the next Bitcoin hike will be in July 2023 and could reach a price at $150,000 or more. His predictions are notable because his earlier predictions on bearish trend on bitcoin came out to be true.
Many experts in the crypto space have shared their opinion that if bitcoin can sustain its momentum in the $4,000 level then the cryptocurrency can avoid a potential drop to its support level at $3,500.
The cryptocurrecny has tried to break out of resistance level of $4,200 which is the key level for the asset to rise above $5,000 but has failed at every attempt. The price of bitcoin has slightly recovered in the past month.
According to Rager, if bitcoin reach $4,200 this week and hold the level then the cryptocurrecny will be able to prevent further drop below the $4,000 mark and maintain stability throughout the year.
Expert in the crypto space suggests that cryptocurrency market has either been established or is very close to being established, which may lie out for a slow recovery period throughout 2019.
The next recovery of bitcoin in 2019 will not follow the same pattern like the 2017 Bull Run but rather a slow and a gradual rise to previous levels. If bitcoin achieves $4,300 in the near term by surpassing the $4,200 resistance level would diminish the pressure on the cryptocurrency which will ultimately target for higher resistance levels.
At the press time bitcoin pushed through a $22 million to surpass $4,100 and for it to cross the much awaited $4,200 resistance level, it would need to push through another $30 million in sell orders.