At the time of writing, Bitcoin is trading down marginally at its current price of $3,975, around where it has been trading at for the past couple of days. It is important to note that BTC<\/a> has pushed up against $4,000 multiple times but has not been able to move above this price level.<\/p>\n Mati Greenspan, the senior market analyst at eToro, recently discussed BTC\u2019s current price action, noting that although the upwards move from the low-$3,000 region has certainly been positive, the cryptocurrency is still firmly in a strong bear market.<\/p>\n \u201cFor those who are in from the bottom it\u2019s great because some of the coins like Litecoin have doubled, but we are still in a strong bear market\u2026The big level isn\u2019t until $5,000, which coincides with the 200-day moving average. If we get a strong break of that, that\u2019s when things start to change,\u201d Greenspan said while speaking to MarketWatch<\/a>.<\/p><\/blockquote>\n If Bitcoin is able to continue climbing higher and breaks above $4,000, it is likely that this price will turn into a support level.<\/p>\n Because Bitcoin\u2019s recent rally has stalled, analysts now believe that it needs to drop lower before garnering enough buying pressure to push it above $4,000.<\/p>\n Flood, an extremely popular cryptocurrency trader on Twitter, told his over 60k followers that he thinks BTC will drop to $3,800 before continuing to surge, but further adding that a drop below $3,700 would likely lead the crypto back towards its support levels in the low-$3,000 region.<\/p>\n \u201cI’d imagine we see a sweep of 3800 in order for larger players who missed the move to fill up on some longs and reduce some short hedges. This should be followed by a sharp bounce\u2026 $BTC seems fairly bullish here, but if 3700 breaks I wouldn’t stay in any longs,\u201d he said.<\/p><\/blockquote>\n I'd imagine we see a sweep of 3800 in order for larger players who missed the move to fill up on some longs and reduce some short hedges. This should be followed by a sharp bounce. $BTC<\/a> seems fairly bullish here, but if 3700 breaks I wouldn't stay in any longs… pic.twitter.com\/eub2NVgzM8<\/a><\/p>\n — Flood (@ThinkingUSD) February 20, 2019<\/a><\/p><\/blockquote>\nAnalysts Expect BTC to Drop Further Before Breaking Above $4,100<\/strong>\u00a0<\/strong><\/h2>\n
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