Following the cryptocurrency market’s recent surge that sent Bitcoin (BTC) up 10% and many other cryptocurrencies up well over 10%, the markets have experienced a bout of sideways trading. Although it is positive that Bitcoin has not surrendered much of its recent price gains, it has not been able to garner enough buying pressure to push its price any higher.
One analyst now expects Bitcoin to drop as low as $2,400 in a final wave of massive selling pressure, which could then spark a rally that could send it as high as $6,000.
Bitcoin (BTC) Stable Above $3,600, May Soon See Increased Selling Pressure
At the time of writing, Bitcoin (BTC) is trading down 0.5% at its current price of $3,630. In the time following last Friday’s price rally, BTC has been relatively stable, and has found some levels of buying support in the low-$3,600 region.
Although its ability to maintain its recent gains is certainly positive, Tim Kelly, the founder and CEO of digital asset advisory firm BitOoda, recently told MarketWatch that he expects a final wave of selling pressure to push BTC into the mid-to-high $2,000 range, which could then spark a short-covering rally.
“We expect the final wave