Bitcoin (BTC) Price Coming Out of 7-Month Falling Wedge, Heading for New ATH: Crypto Trader

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Thu, 01/23/2020 - 12:34
Yuri Molchan
Having breached the $9,000 level a few days ago, the Bitcoin price has now dropped, trading in the $8,400 area, while experts still believe BTC remains bullish
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On January 19, the flagship cryptocurrency managed to reach a high of $9,149. After some flat trading, Bitcoin quotes started falling, finally diving below $8,000.

At the time of writing, Bitcoin is exchanging hands at $8,451. However, analysts and traders remain bullish long-term.

‘Bitcoin breaking a 7-month falling wedge’

Some crypto traders believe that this year Bitcoin, as well as XRP and some other cryptocurrencies, will come out of a long-term Falling Wedge formation.

Trader ‘CryptoWolf’ is among them. He tweets that Bitcoin has finally started its journey towards a new all-time high.

Image via Twitter

‘The main zone still the green area’

Dutch cryptocurrency analyst @CryptoMichNL reckons that, at the moment, Bitcoin is trading in the area of its earlier high reached on January 8. However, the BTC price position looks weak, as per his view.

The expert believes that the green area on the chart starting at the $8,280 mark and then dipping, but not below $8,000, is where Bitcoin may retreat soon.

Image via Twitter

BTC volumes will nosedive: Arthur Hayes

The CEO of BitMEX exchange, the first exchange to introduce crypto leverage trading, believes that along with the start of a new year in China this weekend, the year of the rat, the market is going to see high BTC volatility and a decrease in BTC volumes.

“The year of the rat starts this weekend. Time for #Bitcoin volatility and volumes to nose dive.”

Related
Bitcoin (BTC) Compared to Tesla(TSLA) by Mike Novogratz

‘Bitcoin likely to hit $7,800’

The founder of ElevateUX, going by the name of @PostyXBT on Twitter, offers a prediction, saying that on February 1 the price will decrease to $7,800.

"$7,800 on February 1st."

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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