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Bitcoin (BTC) Price Likely to Aim for $8,900 If It Holds Above $8,500, Crypto Analyst Predicts

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Mon, 01/27/2020 - 16:50
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  • Bitcoin is likely to retest the $8,900 level, an analyst believes; however, a trader predicts it may drop to $6,400 after that

Cover image via 123rf.com

After about four days of trading below $8,600, the Bitcoin price has finally returned to this area. At the time of writing, it is changing hands at $8,643, showing a 2.26-percent rise.

Crypto analysts and traders believe that if BTC manages to hold above $8,500, it will likely keep rising to $8,900. However, some predict that after reaching this level, the flagship currency may decline and hit $6,400.

‘Holding that and we can aim for $8,900.’

Crypto analyst @CryptoMichNL is optimistic about the Bitcoin price short-term. Since BTC has reclaimed $8,600, he believes that the major cryptocurrency is likely to start heading for $8,900 – provided it can hold above the $8,500 price mark.

BTC 1
Image via Twitter

‘I see potential resistance at $8,700’

The founder of Elevate UX, ‘Posty’, seems to be at a loss as to where the Bitcoin price will start off next. In the same tweet, he says that should BTC start rising, it may hit resistance at $8,700. In that case, the $8,400 level will serve as support.

Yesterday, the BTC price suddenly started growing from the $8,300 area ending up in the $8,600 zone today and ‘Posty’ says this turn of events came as a surprise for him.

BTC 2
Image via Twitter

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‘Dumping to $6,400 after reaching $8,900’

Twitter user ‘Cryptonaire’ has posted a BTC chart with a Falling Wedge pattern formed on it. This user believes that, since this is a bullish formation, Bitcoin is likely to pump to $8,900 first, fill two CME gaps and then – decline to the $6,400 level, potentially losing over $2,500 of its price.

BTC 3
Image via Twitter

 

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.

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Wed, 04/01/2020 - 07:13
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  • Mike Novogratz is convinced that when central banks make money grow on trees, then it's time to buy Bitcoin

Cover image via www.bloomberg.com

When central banks make money grow on trees, Mike Novogratz, the CEO of Galaxy Digital, has one message for his followers - buy Bitcoin (BTC). 

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Yes, money does grow on trees   

'Money doesn't grow on trees' is a popular expression that parents constantly hammer into the heads of their children. It means that money is a limited resource and encourages people to put in a significant effort in order to obtain it. 

However, this fable apparently doesn't apply to the U.S. Federal Reserve and the Bank of England, who unleashed unlimited liquidity to save the ailing global economy from the coronavirus-driven fallout. 

As absurd as it sounds, fiat money does grow on trees in 2020 (at least for central banks). 

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2020 could be Bitcoin's year 

Against this backdrop of incessant money printing, Bitcoin, a disinflationary currency whose total supply is strictly limited to 21 mln, has never seemed more attractive. Novogratz described it as the strongest bull case for the benchmark cryptocurrency. 

Even though crypto failed to perform as a safe haven during the coronavirus-driven sell-off, the Wall Street bull recently opined that 2020 could end up being another big year for Bitcoin.     

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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