On March 19, Bitcoin manages to overcome the $6,000 threshold and has been holding above it so far, trading at $6,304 at the time of writing.
Some are carefully talking about a possible resumption of a bullish trend. However, Placeholder partner Chris Burniske reckons that the Bitcoin price may reverse and head in the opposite direction.
If the markets have another global ‘sell everything’ moment, he says, new lows, much deeper ones than those touched last week, could be tested.
‘If global markets freak out again…’
The situation in the global financial system may worsen next week as some fear. Crypto trader @MMcrypto spreads the word that on Monday, some stock markets may actually close down.
Perhaps referring to this assumption from other sources, Chris Burniske tweets that if global markets ‘freak out again’, Bitcoin may plunge and test lows near $5,000, $4,000 or even $3,000.
Altcoins, he adds, in that case would plunge to test their own price lows as well.
Speaking of another possible global sell-off overall, Burniske warns that should it happen again, Bitcoin and other cryptocurrencies will get hurt.
Two possible scenarios, both bearish ones
Analyst Michael van de Poppe tweets that Bitcoin is having trouble testing $6,400 already. Right now, he is looking at two possible scenarios. The first one is that BTC will break out, reach a new high near $6,800 and then reverse to the $5,400 area.
The second one is that Bitcoin is having a fake rally and that it is going to plunge towards $5,400 as next step.
‘We are about to expand downside’
Trader ‘George’ believes that Bitcoin is about to expand – downwards. He expects a price reverse to occur today or next week.
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