Although many investors and analysts alike viewed Bitcoin\u2019s muted reaction to the recent Tether\/Bitfinex controversy as a sign of improving fundamental strength, it may be too early to celebrate just yet, as one analyst believes that BTC may dip back into the lower-$4,000 region before finding any significant levels of support that allow it to continue climbing higher.<\/p>\n
Although traders and investors should be prepared for this bearish possibility, analysts are also quick to point to a long-term trend line that shows just how high Bitcoin could realistically climb in the coming years.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 1% at its current price of $5,230, down from its 24-hour highs of over $5,300.<\/p>\n Unfortunately for bulls, it appears that BTC\u2019s upwards momentum<\/a>\u00a0that had been incurred earlier this month was tempered by the controversy surrounding Tether and Bitfinex, as Bitcoin appears to be losing some of its fundamental strength as it drifts down towards the support it has in the lower-$5,000 region.<\/p>\n Big Cheds, a popular cryptocurrency analyst on Twitter, recently shared a bearish sentiment with his followers, explaining that he believes BTC will face two more downwards legs leading it towards $4,400 before it finds strong support.<\/p>\n \u201c$BTC #Bitcoin 12 hour – Two more legs down should take us to support right around $4427,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> #BItcoin<\/a> 12 hour – Two more legs down should take us to support right around $4427 pic.twitter.com\/cvN4AsAY1c<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) April 29, 2019<\/a><\/p><\/blockquote>\n\n