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
Yuri Molchan
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.

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.

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.

Image via Twitter

 

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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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