Bitcoin (BTC) Unlikely To Surmount $6,000 Until Late-2019, Historical Analyst Suggests

Analysts, like Crypto Rand, fully expect for Bitcoin (BTC) to soon break past the $6,000 resistance level. However, one analyst going by “Wusten” recently argued that if cryptocurrencies follow their historical long-term trends, BTC may remain trapped under $6,000 until late-2019 or even 2020.

In a recent Twitter post, Wusten noted that Bitcoin follows long-term (three or four year) cycles that see BTC rally parabolically higher each time. According to his analysis, Bitcoin has recently exited the capitulation phase, which saw the BTC chart print a “death cross” last April to fall to $3,150 by December, and has now entered the accumulation/consolidation phase.

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