Bitcoin suffered high levels of volatility over the past weekend. Despite this unfolding trend, Bitcoin still manages to maintain its stability at relative levels. Currently, Bitcoin is stable above $3,900. With this, a number of analysts have expressed their worries with Bitcoin’s current price action. One unnamed analyst believes that it might inevitably plummet down below BTC’s 2018 lows of $3,200.
Despite the volatility that occurred last weekend, Bitcoin continued to trade at the range of $3940 but failed to go beyond the significant resistance of $4,000. According to a famous cryptocurrency analyst UB on Twitter, there is a level of relative opposition with the current price region of BTC. If this level is surpassed, it can raise the cryptocurrency price as high as $4,200 region.
Last month, Bitcoin’s price reached as high as $4,200. It was this high before it experienced a major selling pressure that resulted in its continuous decline to as low as $3,800. This price action is a confirmation that the $4,200 is a level of resistance to be conquered in the cryptocurrency.
Moreover, some analysts are also discussing the possibility of BTC plummeting significantly. A move beyond the $4,200 level would fill the CME Futures gap which can cause the cryptocurrency to fall before it gets sturdy support in the low $2,450 regions, as stated by another famous analyst Bleeding Crypto on Twitter. Although this view is a bit controversial, it gives investors and traders significant insights into how long will this crypto market stay.