Cryptanalysts warn that this is not a bullish trend and the market pullback is inevitable


The growth of prices of Bitcoins from the beginning of April had excited the whole stock market and some predicted that after the long winter finally came the bullish trend. However, many analysts now assume that the recent jump in prices is just another market movements rather than actual growth. According to them, the recent surge will be followed by a market pullback, and the price of Bitcoins and other altcoins will see another bottom before you rise to peak towards the end of the year.

In the last 24 hours the Bitcoin has gained 2% after 10% losses in the beginning of last week. This sale is seen by some optimistic traders as the latest shake-up before the upcoming promotion. However, cryptanalysts think otherwise and believe that BTC will see a big change than you expect many traders and investors.

What is the difference of the current market growth from a bullish trend

Cryptanalysts say that April’s growth definitely led to the fact that the price of Bitcoin and other altcoins has overcome its key resistance levels. However, price growth was followed by bulk sale, which indicates that the bullish trend has not yet arrived.

It is expected to drop to $4300 from the current price, meaning a cost reduction of 17%, which is not a big decline considering that BTC has grown more than 25% during the recent price rise.

$BTC update
Chart from last week and today.
Seems we’re breaking down already, exactly like the first chart. On second chart you can see that we might do a bit more upside before we should continue the correction. Likely to go below the red horizontal and maybe even a bit more

— Crypto-TA-NL (@CryptoTANL1) April 15, 2019

Even if the markets don’t retreat in line with forecasts made by different analysts, bullish growth is yet to come because trading market is typical to create a bubble right before the upcoming increase in 2017, when Bitcoin peaked around $20 000.

As far as the market is ready to rally

Bearish trend 2018 was delayed for more than 6 months, and leading cryptocurrency has lost almost 80% of its market capitalization. Thus, the zeal of the space has reached the saturation point for the next growth. Before the April price rally people and analysts predicted that by the end of the second half of the year will change the trend to bullish and will begin to rise.

However, you need to understand that the recent jump in prices is just a cyclic process, not an indicator of growth. The market may soon see a rebound and a new bottom, before you can take responsibility and be ready for a new rally.

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