Bitcoin (BTC) has surged a few days ago moving from $4,100 to $5,300, allowing the community to have a positive sentiment about the digital asset. The market is now expecting the virtual currency to continue growing in the future. Michael Nye, the founder of Titan Ventures, mentioned on Twitter that we will never see Bitcoin under $4k ever again.
Could Bitcoin Drop Under $4,000?
Bitcoin has been in a bear trend for over a year. In December 2017 it reached $20,000 and since then it started falling. In December 2018, the digital asset dropped down to $3,200, the lowest point in more than a year.
In the last two months, Bitcoin started to be traded positively. February was the first month since July 2018 to register gains. The market is very bullish now and it is expecting Bitcoin to reach $6,000 in the near future.
Although there are some experts, such as Tony Vays, that believe that Bitcoin as not yet bottomed, individuals remain bullish. Michael Nye is one of the examples. He said that we will not see Bitcoin under $4,000 ever again. Vays has also stated that in the worst case scenario, Bitcoin could be traded for $1,300.
My opinion: We won’t see #Bitcoin under $4k ever again. 👀
— Nye (@MrMichaelNye) April 10, 2019
There are other users that believe that Bitcoin could still drop under $4,000. One of the comments to his tweets says that Bitcoin could eventually retest resistance, similar to what happened back in 2015.
I can foresee at least a retest down to the resistance, similiar to 2015. History never repeats itself, but it often rhymes… I am not a chartist though, forgive my poor visualization skills 😅… pic.twitter.com/r23GY0QMtJ
— CryptoKea (@CryptoKea) April 10, 2019
Another user called Crypto Tytan, said that he does not exactly believe that Bitcoin will remain above $4,000. He agrees with CryptoKea that there could be one more dip before we see a full on bull run.
Peter Brandt, a recognized analyst and trader, shared a graphic in which he shows that Bitcoin could have bottomed and that we are entering a new bull market. However, he has also shown that Bitcoin could eventually fall once again and test the bottom registered in December 2018. Once Bitcoin retests (or not) the lowest point of 2018, it could move towards a new parabolic phase.