Bitcoin forecast: analyst suspects BTC price of $ 4,200
Bitcoin was able to continue to rise today as the ongoing recovery in the stock market allowed Bitcoin to further strengthen momentum. The benchmark cryptocurrency tries to hit the highs again at $ 6. 900 test, but it currently seems unclear whether the bull market will be strong enough.
A well-known analyst notes that although Bitcoin is very bullish in the long run, he believes it is in the lower 4. 000 – will target the dollar area before there is any significant buying pressure.
At the time of writing, Bitcoin is trading in 6. 640 Dollar, which is a steep rise from the daily lows of around 6. 000 means dollar. This upward trend has allowed the cryptocurrency to retest the strong resistance it is experiencing within the top 6. 000 – Dollar area has.
In the short term, analysts seem to think that BTC's inability to overcome this important resistance could be a bad sign. UB – a popular crypto analyst on Twitter – recently tweeted that he believes Bitcoin is ready to see a “rug pull” that could significantly weaken BTC in the near future.
$ BTC – Triple Raid of stops. High for the day is in imo. This is setup for a rug pull.
It'll be worth watching the reaction after taking the lows at ~ $ 6, 150. I may close my short depending on what happens there.
Failure to SFP the lows and I have my eyes on $ 5.9k. #Bitcoin pic.twitter.com/NI4uPjgkdy
– UB (@CryptoUB) March 24, 2020
Crypto Michaël, stated in a recent tweet that he believes Bitcoin may be 4th. 200 will test dollars before they find enough support to trigger the next remarkable bull run.
“Short term; we could experience high volatility and the levels at $ 4. 200 or $ 4. 800 test. Long-term: I cannot be more optimistic about crypto and raw materials, because I know which measures are being taken everywhere. These low levels are simply massive opportunities. In my opinion, ”he explained.
Short term; We might be seeing high volatility and might be testing the levels at $ 4, 200 or $ 4, 800 .
Long term; I can't be more bullish on crypto and commodities, knowing what measures are taken everywhere.
These low levels are just massive opportunities.
In my opinion. $ BTC
– Crypto Michaël (@CryptoMichNL) March 24, 2020
If Bitcoin is unable to break the resistance, it is very likely that it will go much further down.
Proof of text: newsbtc
Top broker for buying and trading cryptocurrencies
Cryptocurrencies are a very volatile, unregulated investment product. Your capital is at risk.