These Top Bitcoin Traders Do Not Want You to Be Deterred by Latest BTC Price Drop

Libra Coin News
Mon, 09/09/2019 - 18:06
Alex Dovbnya
Things are still looking good for Bitcoin despite its failure to retest $11,000
Cover image via www.freepik.com
Contents

Cryptocurrency trader Alex Krüger is certain that Bitcoin’s recent pullback doesn’t invalidate the bullish scenario. Meanwhile, his colleague Josh Rager reminds his followers that patience is the key to success.

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Not so fast, bears

The BTC price trimmed more than $500 on the heels of Jerome Powell’s crypto-related comments. This sudden drop, coupled with a major descending tringle, certainly emboldened bears who now hope to get back to the $8,500 level.

However, Krüger points out that Bitcoin is still in the range, and the market sentiment hasn’t changed over the last month.

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No retail FOMO

In a separate tweet, he also suggests that any comparisons between 2018 and 2019 are absurd. Retail investors, who pushed the BTC price to its current ATH in 2017, are yet to join the party during this bull run.

As reported by U.Today, trading volumes have been dwindling on top exchanges since 2017. Meanwhile, institution-focused CME Group has been on a roll with its Bitcoin futures throughout 2019.

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“Next peak is a few years away” 

Rager predicts that it will take a few more years for this bull market to peak without specifying when Bitcoin is going to reach a new ATH. Given that BTC’s market cycles are becoming longer, traders will have to be more patient.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.