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Bitcoin%E2%80%99s+%244%2C000+mark%3B+%E2%80%98life+or+death%E2%80%99+Situation+for+Traders

Bitcoin’s $4,000 mark; ‘life or death’ Situation for Traders

Image Credit: Atomic Wallet

Bitcoin [BTC] price has been fluctuating in the past one week. Earlier today the price dropped slightly lesser than $4000 mark - safe level that is gaining more importance because of recent crypto gurus predictions. According to today’s market trend, bitcoin [BTC] USD the best-known cryptocurrency, was changing hands at $3,969.40, down less than 0.1% since Monday.

Chief market analyst at Think Markets UK, Naeem Aslam wrote, “Questions are being asked constantly when it comes to bitcoin’s battle with the $4,000 mark.”


“Since December 14, 2018, there have been several battles between bulls and bears at the price level of $4K. In each... bulls have lost the war because after the first attack at the $4K level the bears have been able to gain enough strength to push the price back below this critical mark.”

Aslam further added, “It is in this essence, that this level has become a matter of death or life for crypto traders.”
 


 

Bitcoin [BTC] has struggled to hold on to earlier attempts to gain a position above $4,000. On Saturday, bitcoin [BTC] rallied to just above the psychological barrier with a 4% rise within 24 hours. The trading volume topped $11 billion, the highest since last April when the bitcoin [BTC] price was trading at over $8,000.

Prominent analyst Galaxy, a trader recently laid out why he expects that Bitcoin could begin a bull rally in the coming months, citing historical trends to support his point. In 2013 – 2015 market cycle bitcoin tried to break out of the bearish resistance thrice, but was rejected each and every time. Surprisingly, the same pattern seems to follow in the recent current market cycle.

A prominent cryptocurrency anlyst and trader, DonAlt shared in an interview that bitcoin bull rally will begin when the price reaches $4,600. He explained that the recent rise in the price of Bitcoin and Ethereum brought hope in crypto space and crypto investors.

Many experts in the crypto-space believe bitcoin [BTC] will soon begin bull rally to reach new all-time high soon.

All other major cryptocurrencies were seen trading mostly unchanged on Tuesday.