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Bitcoin (BTC) Bulls Remain in Control Despite Price Correction to $9,700: Jim Wyckoff

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Mon, 02/10/2020 - 16:03
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  • Prominent market analyst Jim Wyckoff hasn't turned bearish on Bitcoin (BTC) in spite of a painful dip below $9,700

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Kitco's chief market analyst Jim Wyckoff remains bullish on Bitcoin (BTC) despite a four percent price drop that pushed the coin's price back in the four-digital reality. 

In his new market update, Wyckoff writes that traders should expect more upside price action in the short-term. 

"Bulls remain in firm near-term technical control and are enjoying a price uptrend in place on the daily chart, to still suggest more upside price action in the near term."

BitcoinPrice
image by kitco.com

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A sentiment-shifting dip  

As reported by U.Today, BTC slipped to an intraday low of $9,697 on the Gemini exchange shortly after recording its first weekly close above $10,000 since September 2019. 

This was a slap in the face for all bulls who prematurely tweeted about Bitcoin never trading below the aforementioned level again. In just 24 hours, BTC ironically ended up in the high-$9,000s. 

It took one dip and one looming bearish engulfing candle on the daily chart for crypto Twitter turn bearish.

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Even more bullish? 

However, some level-headed traders perceive this move as the start of another consolidation phase within this uptrend. 

Popular crypto analyst Satoshi Flipper even predicted that the price of Bitcoin could skyrocket up to $10,900 before eyeing after successfully bouncing off the $9,800 support. 

BitcoinPrice
image by @SatoshiFlipper

BTC is currently sitting at $9,888 on the Bitstamp exchange.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin (BTC) Price Targets $6,500 Before Future Pullback: Analysts

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Mon, 03/30/2020 - 12:34
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  • Two days ago Bitcoin (BTC) failed to conquer a bearish stronghold at $7,000, which sent it to sub-$6,000 areas. When can we expect the next attack?

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Two major cryptocurrency traders and analysts believe that $6,500 may be the final level of this ‘fake rally’ before a new fall for the crypto king.

Relatively calm but targets $6,500

Seasoned crypto trader and analyst Michael van de Poppe recommended his followers to switch their attention towards altcoins.  According to him, many of them may bring profit in the short-term perspective:

$BTC is remaining relatively calm, so you can see alts pop here and there. If $BTC goes in accumulation modus, that will probably be the time that they start to kick off.  Probably during the summer. 

Although, with today's bullish momentum, Bitcoin (BTC) could reach $6,400 and even $6,500 fast.  But once it reaches this level, the U-turn is over and we can brace ourselves for a new decline.

The views of Mr. van de Poppe were shared by CryptoBirb, a prominent analyst and founder of The Birb Nest educational platform. According to him, $6,400-$6,600 is the most comfortable area for the ongoing Bitcoin (BTC) price move.

At printing time, Bitcoin (BTC) trades at $6,340 on major spot exchanges.

Don’t recommend Bitcoin (BTC) to Peter Schiff

Famous ‘gold bug’ Peter Schiff never ceases mocking Bitcoin (BTC), with no regard to bullish or bearish sentiments in the market. Yesterday, he compared the declines from the ATH demonstrated by both his beloved gold and the flagship cryptocurrency. 

Since the Bitcoin (BTC) fall has been five times deeper, he doesn’t have enough words to characterize its advocates. 

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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