After the recent -12% drop, Bitcoin seems to have given up, so traders wonder in which direction it should go now – hit a couple of new highs, or finally make a retracement. Indeed, numerous technical indicators show different things, and it’s hard to say for sure. Let’s check out Bitcoin price predictions from Twitter users to see what they think about Bitcoin’s future, and which possible BTC scenarios are likely to come true.
BTC still has power to hit $9-10K target
This is one of the most popular versions. Many analysts and traders suggest that $8,000 isn’t the final high – BTC should spike higher. They claim that it will make one more jump before bears start attacking the market.
This is another perfect example of what the majority of people think:
After hitting a level between $9-10K, BTC will nosedive to the bottom. Where exactly it will find it? That’s still a question.
Another question is whether BTC will be able to overcome the $8,300 resistance for good. This is a very critical level for BTC right now, especially when it fell to $7,200:
Some optimists still blindly hope that BTC will touch the $20K area in this run, which actually doesn’t seem possible anymore.
Good news for $BTC #Bitcoin Bulls -— Big Cheds - I did not DM you (@BigCheds) May 16, 2019
The weekly chart looks almost exactly the same way as it did in Oct 2015, when $BTC was at $267. Once that 8/34 EMA crossed (After the MA 200 double test) it ran to $20k and never looked back.
*Bullish confluence, and significant at that. pic.twitter.com/ACHlY7KTSw
Super-bullish moods can last for the next week, too.
To wrap up my plan for the next couple weeks, i'm gonna be bullish on $btc next week, super bullish on $btt for about a month probably, and then i'll just fuck around trading other alts with like 1% of my portfolio. #crypto #bitcoin #hodl pic.twitter.com/Tz4khgOc0R— Rooster (@BitcoinRooster) May 16, 2019
But it’s rather an exception from the rule. Most traders understand Bitcoin doesn’t have enough power to do it right now.
Bears have come
Yes, it was be logical and expected – after such a significant jump, BTC should have retraced to accumulate new powers. Here’s what people suggested:
The famous parabolic curve that happens regularly during bullish period seems to have been validated. Here is the proof that this bull run is over for BTC, and we should be out of the market. Wait a bit to buy new coins on the bottom.
$BTC parabolic trend is broken. Bearish divergence played out. Correction is overdue. Bitcoin possible will drag down the altcoin market with it. I'm looking to buy back cheaper. pic.twitter.com/NtuZofbGOq— Crypto Walker 🔰 (@cryptoWalk3r) May 16, 2019
Finally, here’s the best piece of advice for traders:
We all know that the upcoming bearish period won’t be too dramatic. Bitcoin will overcome it, too, and reach new glorious heights soon.
At the moment, we have two major types of scenarios:
Ultra-bearish. BTC has ended its bull run and started falling to the bottom. Traders should be out of the market. The recent $7.200 bottoming has proved that.
Delayed bearish - it’s not over yet. BTC should nosedive, but before that, it will accumulate powers to make a final jump to some $9-10K level. It will happen if Bitcoin breaks $8,300 resistance for good. After that, it will naturally retrace and start a new accumulation. At the moment, it doesn’t seem to be a viable scenario.