Bitcoin could see a 47% correction, but some say it's going to $6,000

25.05.2017 / 21:27

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Bitcoin is close to hitting a price that could see a 47 percent correction, according to one analyst, following a huge rally for the cryptocurrency that has led it to record highs.

On Thursday, bitcoin hit an all-time high of $2791.70, according to CoinDesk data, marking a 180 percent rally year-to-date.

Meanwhile, the number of long positions – those betting on bitcoin to rise – has risen 18.2 percent, while short positions – those thinking the cryptocurrency will fall – have declined 10 percent since the start of the week, showing that traders are getting more bullish on the cryptocurrency, according to data from Bitfinex.

One technical analyst, who looks at historical trading patterns to determine future price moves, said that the $2,800 could mark a level of resistance where the bitcoin pulls back. Bitcoin was as little as $9 off of that price on Thursday morning.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

Varchev Traders

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Bitcoin could see a 47% correction, but some say it's going to $6,000

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