Currently, Bitcoin is on a bumpy ride as the world’s first cryptocurrency has been switching between $19,000 and $20,000 price area. Even the last week’s price action wasn’t as eye-catching as most of the days the currency was on a red candle.
At the time of publication, Bitcoin is selling at $19,711 after a fall of 2.61% over the last 24hrs. Currently, the flagship currency’s troubled days may not find their end anytime soon.
Though the market has reversed its stance, crypto experts and strategists have given their predictions based on their analysis.
Among such analysts, CryptoQuant author, Maartunn claims that the large transactions that took place recently might have affected the market. This kind of scenario often leads to the price decline.
As per Maartunn the movement from here is unpredictable but certainly not a bullish run and he also says that he is not sure if there will be a guaranteed downfall or just consolidation like May.
Bitcoin Price To Surge?
On the contrary, Gert van Lagen, a technical expert, indicates a positive head and shoulder pattern on Bitcoin’s chart that suggests an upward movement for the currency.