This is still a long way away, but there is even a possibility that bitcoin will test the $5,000 range as this is the price target for the macro symmetrical triangle consolidation.
Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:
It’s entirely possible we rally to new highs from here, but for now the bitcoin market structure is bearish as we have failed to break resistance, push new highs and break out of the supply-and-demand channel.
Blockchain and cryptocurrency research firm Diar has released a report that reveals a sizeable drop in crypto trade volumes in January 2019 for popular crypto exchanges Binance, Gemini, OKEx and Coinbase.
There are major resistance levels to consider when viewing the health of the bitcoin market, but given the strength of the current move, it seems likely we will see a continuation of the uptrend in the price of bitcoin.
According to Abra CEO Bill Barhydt, everyone should have access to capital markets, regardless of where they live in the world or the amount of capital they have at their disposal. This is where Bitcoin comes in.
The $3,000 level is one of the few established levels that has proven to hold up during a support retest, and right now, it looks as if the price of bitcoin will get a slightly deeper test of the $3,000 values.
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