Bitcoin (BTC) Price Bottom Might Be Already In. Trader Explains Why

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Sun, 03/15/2020 - 10:06
Alex Dovbnya

Traders are divided about where the Bitcoin (BTC) price is going next, but one of them is convinced that the bottom might be in

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Contents

After its 40 percent price crash, Bitcoin (BTC) remains on the ropes, with some prominent traders in the likes of Peter Brandt predicting that it might even plunge below $1,000.

Still, even despite massive liquidations, there are still some bulls left in Cryptoville. Case in point: trader Satoshi Flipper who has seemingly flipped bullish on Bitcoin after the recent U-turn. 

Related
Bitcoin Price (BTC) Recovery to $5.5k Can Be Dead Cat Bounce for This Reason: Trader

Bears are getting played

Both permabulls and permabears fall into the same trap -- they can’t get enough. Even when BTC is trading at a 50 percent discount from just one month ago, some investors still want lower prices to increase their holdings. 

Satoshi Flipper is convinced that there is no way the BTC price is going below $3,000 since it has already bottomed. At press time, it is trading at $5,247 on the Bitstamp exchange.  

As reported by U.Today, Bitcoin reached its 2020 low at the $3,800 level after collapsing by 52 percent within 24 hours.      

Related
Bitcoin (BTC) Preparing for Another 50% Drop: Peter Schiff

Bulls are fools 

According to cryptocurrency analyst SilkTrader, those who believe that the worst has already happened are simply ‘fools.’ The trader expects the flagship cryptocurrency to drop 40 percent more to fill the CME gap at $3,100.

In the meantime, Michael van de Poppe thinks that it’s possible for BTC to surge to $6,100 after holding above the $5,100 level. 

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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, can be contacted at alex.dovbnya@u.today.

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