RATE Group | Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3/Q4 2018
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Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3/Q4 2018

26 May Analyst Says Bitcoin May Drop to $5,500 Before New Upside In Q3/Q4 2018

Posted at 17:23h in Bitcoin News by

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The price of Bitcoin has faced unexpected downward pressure in May as Consensus 2018 did not produce enough enthusiasm for a bullish move. Analyst Willy Woo said the virtual currency may only find its upside in Q3/Q4 2018. Until then, bulls may find bid opportunities at prices as low as $5,500.

Bitcoin to Complete Downside At $5,500-$5,700, Analyst Says

The cryptocurrency market has been under pressure in 2018 following an extensive race to the top, with Bitcoin breaching the $20,000 level. Traders were expecting the Blockchain Week in New York to trigger a new bullish momentum, but the market lost $52 billion after a disappointing event.

Bitcoin stalled below the $10,000 area in early May and has been steadily returning to the 2018 lows. Willy Woo, a BTC technical analyst with 62,500 followers on Twitter, is not very optimistic about where the market is moving next. Woo expects the market to give in to bears for a downswing towards $5500-$5700.

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