Bitcoin Analysts Are Cautious As BTC Corrects Below $5,800

Bitcoin began a massive rally this Thursday, going from $5,300 to $5,800 and setting new five month highs. A lot of Bitcoin analysts were impressed about the dominant cryptocurrency and its push past key levels in a matter of days. However, the latest cryptocurrency news show that most of these analysts also fear that the digital asset market may be poised for a major pullback.

One of the Bitcoin analysts that is skeptical about the future is Awe & Wonder. He broke down the reasoning for his belief that Bitcoin may correct and that there could be a major pullback coming next. He noted that Bitcoin is currently mirroring a major historical trend in which it underperforms its logarithmic regression trend line – which is actually sitting around 40% higher than the current value of BTC.

https://twitter.com/Awe_andWonder/status/1124400550408335360

Other Bitcoin analysts have backed this claim too. In another tweet, the same analyst noted that Bitcoin’s exponential trend model is showing that there is “downside risk to still be considered” as in previous cycles. Shared by many best cryptocurrency news sites, his outlook shows that the price-based metrics are “signaling caution.”

In another tweet, a famous trader known as Panama Crypto explained that Bitcoin’s medium-term and long-term charts show “mighty resistance” at and above $6,400 which is the current support line according to many crypto analysts.

Mighty resistance above at 6.4k, don't see Bitcoin breaking above any time soon. I think we will range here between 6.4k and 5.4k for next two months. pic.twitter.com/ytRSb43nX7

— Panama (@Panama_TJ) May 3, 2019

The majority of today’s Bitcoin analysts also expect the asset to trade between $5,400 and $6,400 if a major correction occurs.

David Puell is next with his outlook. Even though his tweet about Bitcoin is brief and he said that he is “scared to bid this insanity” – he looks next to volume and this is far from the only bullish sign. Contrary to the other Bitcoin analysts, Puell thinks that the situation is not bad. As he tweeted, “Ce n’est pas mal!” which literally means “this is not bad,” a notable amount of trading activity signals renewed the interest in the market.

$BTC: I am scared to bid this insanity, but…

Le long… le long… pic.twitter.com/EqgQmSBwYY

— David Puell (@kenoshaking) May 4, 2019

The Bitcoin analysts have not commented anything about altcoins or anything that we would feature in the altcoin news section.

Currently, Bitcoin is trading at $5,765 with a 0.72% negative change over the past couple of hours. The Bitcoin market cap sits right below $102 billion and the trading volume is $16.76 billion. The total crypto market cap is valued at $182.8 billion and Bitcoin’s dominance is 55.8%.