Bitcoin (BTC) Price Expected to Retest $4,800 Before Surging to $6,000

News
Wed, 03/18/2020 - 08:48
Yuri Molchan
Crypto analyst expects Bitcoin to test support levels below $5,000 quite soon before surging back to the $6,000 area
Cover image via stock.adobe.com
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After Bitcoin lost almost 50 percent within one day late last week and paid a visit to the $4,800 area, it has recovered to the mid-$5,000 levels and has been fluctuating there since. At the time of writing this, BTC is sitting at $5,201, as per CoinMarketCap.

Meanwhile, a crypto analyst and trader says he expects the flagship currency to dip below $5,000 once again and then surge to test higher levels if all goes well.

‘Should be retesting $4,800-4,950 quite soon’

Dutch-based analyst Michael van de Poppe has tweeted another Bitcoin prediction. So far, he tweets, Bitcoin has been stuck in a range. The analyst expects it to decline and break down to the $4,800-$4,950 level quite soon.

This should happen, as per him, before BTC surges to test $6,000. However, a possible bearish scenario, the tweet says, may send the Bitcoin price down to $3,750.

‘Broke below most of the key levels’

Trader ‘George’ points out that Bitcoin has broken below the majority of the crucial levels that were giving hope for bullish movements in the short-term. 

Trader Protixder from TradingView also expects Bitcoin to decline below the $5,000 zone. This may happen 'if everything gets closed in EU-USA'.

Related
Data Shows Bitcoin (BTC) Could Be in New Accumulation Stage. Are HODLers Coming Back?

Bitcoin spot volume is at ATH

The good news is that the current Bitcoin spot volume has hit an all-time high – the screenshot from Bitstamp was shared by Twitter user ‘CL’

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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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