It has been a wild week in the cryptocurrency industry as Bitcoin made a new all-time high of $19,956 on Dec 1.
Given the importance of such a milestone, it seems like some investors took advantage of the bullish price action to realize profits. The spike in selling pressure saw BTC plummet by nearly 10% to hit a low of $18,050.
While prices have been able to regain the $19,000 level as support in the past few hours, one of the most prominent analysts in the industry maintains that there is more room to go down.
The founder and CEO of Factor LLC, Peter Brandt, maintains that Bitcoin is poised to see further losses before it regains the bullish momentum seen over the past few months. Based on historical data, the chartist affirms that the pioneer cryptocurrency saw a total of nine corrections during its previous bull run.
There were 30% downswings on average, which indicates that the market is yet to incur further losses.
BTC/USD chart showing previous dips
Brandt maintains that Bitcoin has not breached the 18-day moving average since the uptrend began in early October.
As long as this support level holds, sidelined investors may use any retest to get back in the market, helping push prices even further.
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