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Over the past 24 hours, Bitcoin has surged over 20 percent. Now, the crypto community is having heated discussions on whether the major cryptocurrency is going to keep rising or show another price collapse.
Some believe that as BTC continues decoupling from traditional markets, the price is going to continue upwards.
‘Targeting $6,600-6,800 as next level’
Analyst Michael van de Poppe has shared his take on further BTC movement. The closest targets for him are the $6,600-$6,800 levels, he tweeted, as people have again turned ultra-bullish, seeing that Bitcoin is recovering its losses quickly.
Prior to that, ‘Crypto Michael’ wrote that a retreat back below $6,000 is quite possible:
“Looking okay here. Rejected at $6,400 and bounced from the $6,050 support (4H level). It might be that we test the highs one more time, take liquidity and then drop towards $5,800 / $5,600. Closing above and I'm targeting $6,600-6,800 as next level.”
‘Inverted Burj Khalifa’ price formation
Blockstream CEO Adam Back has commented on a Twitter post, calling the recent curve of the Bitcoin price crash an ‘Inverted Burj Khalifa’ price formation, which mustered a laugh from the author of the post - Nik Patel.
However, Adam Back says that Bitcoin is continuing to decouple from traditional markets, which is pushing liquidity into crypto exchanges.
‘Time to be euphoric isn't here yet’
Trader ‘Livercoin’ has shared a chart that shows the curve of the recent Bitcoin market cap. Right now, it is $100 bln below the figure it showed when the price began to crash ($290 bln). As per CoinMarketCap, this index currently totals $121,552,198,126, showing a gradual increase.
It is too early for euphoria, he tweeted.