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Bitcoin (BTC) Price Looks Powerful Enough for $6,100 Right Now

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Tue, 03/17/2020 - 09:35
Yuri Molchan
The Bitcoin price is fluctuating in the mid-$5,000 zone while traders are bullish and expecting Bitcoin to start testing higher levels
Cover image via stock.adobe.com
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The flagship cryptocurrency has been trading in the mid-$5,000 area after dipping to the $4,900 zone on Monday. Despite the remaining stock market turmoil and the situation with the coronavirus getting worse around the globe, crypto traders are now showing the first signs of optimism regarding Bitcoin.

Is Bitcoin likely to hit $6,100?

Trader ‘The Crypto Dog’ shared his bullish stance, tweeting that Bitcoin is powerful enough to try and break above $6,000. In another tweet, the trader rephrased it, saying: ‘Bullish scenario in mind. Just playing it level by level for now.’

‘Range highs around $5,600-5,700 for a test’

Netherlands-based analyst, Michael van de Poppe (also known as ‘Crypto Michael’), is also bullish. He summarized the current market situation for Bitcoin, saying that, having turned the $5,200 level into support, BTC is preparing to test range highs at $5,600-$5,700 soon.

He also predicted that equity markets will demonstrate a bounce.

Related
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‘Bitcoin should be ready to start its ascend’

Trader ‘Bitcoin Jack’ believes that Bitcoin is ready to start ascending. As per him, this is confirmed by price and time balance analysis.

Twitter user @Axedna disagrees, referring to a wider spread of the COVID-19 virus, but the trader remains bullish.

“The virus is getting worse every day. People are losing their jobs all over the world. People are scared to go outside, Businesses are losing money, they aren't hiring and the stock market is plummeting. You still think it's up from here?”

Trader George tweets that BTC is going to see some upside movement. However, he is not in a rush to long it yet.

“Broke above the weekly open. I'm out of my short hedge. Seems like we'll see some upside. Not going to long this. Not my setup. Watching the highs for a potential short play. Let's see what we get today!”

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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