BTC Price Movements More Robust Now Than During 2018 Bear Market

BTC price movements seem more robust now than during the 2018 bear market according to the crypto analyst Alex Kruger as we are about to read more in the coming altcoin news below.

According to Kruger, the key to predicting the movements is in the triangles of 2018 and 2019 using the volume profiles and finding a considerably more robust position these days. The triangles that he was looking at were the overlays of volume profile over the bitcoin price from the point of breakout. This breakout for the 2018 triangle was happening at the end of 2017 before the rally which took the price to the current all-time high. The first thing to outline is that the most traded price is significantly more in the 2019 triangle. Over the previous cycle, the most traded price for BTC was $6400 whereas in the current triangle is $10,260.

Another big difference is the weighting of the volume profile since in 2018 the triangle shows a price that sits along the bottom edge making a right-angled triangle with a deep abyss below. The BTC price movements for 2019 are closer to the center of a more symmetrical triangle. This leaves the price with more support from below as the volumes also provide support. According to Kruger, this entirely depends on the current position. From the volume perspective, the probability of the price breaking out upwards or downwards is much higher when the price is above $10,260.

However, if the price does break downwards, Kruger believes that a 50 percent crash is not likely. There is much more support below according to him and somewhere in the $7000 region, a BTC price prediction would be better off. With the high-volume nod at $7870, he believes a run at $8000 will provide a great long-term opportunity. Of course, there a tons of factors that affect the bitcoin market than the previous cycles and volumes profiles. Many traders believe that the launch of the platform of the Bakkt future today will bring in the institutional investors and higher prices. As per the latest cryptocurrency news reports, some suggest that a lower trading volume means dipping into the $7000 range.