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Bitcoin (BTC) Price May Hit $10,430 by End of Day: Trader’s Opinion

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Thu, 02/20/2020 - 10:08
Yuri Molchan
A crypto trader assumes that the Bitcoin price may recover and pass the $10,000 level by the end of the day
Cover image via www.shutterstock.com
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On Wednesday, the Bitcoin price slumped below the $10,000 line. At some point, it reached the $9,420 level, as per data from CoinStats.

Image via CoinStats

At press-time, however, the flagship currency is trading in the $9,600 zone. A crypto trader believes that odds are for Bitcoin to hit $10,430 by the day’s end.

‘Btc $10,430 by end of day?’

Earlier today, TraderSZ took to Twitter to make a cautious prediction that BTC might reclaim $10,430 at the end of the day.

However, later on, he changed the forecast, believing that if BTC was going to rally, it would have done so already. The trader now assumes the correction might continue after a brief rise.

“If we break 9490 most likely we have short term high in and we make deeper correction. IF its gna rally, it’s gotta be now imo.”

Potential bullish divergences after the drop

Trader Scott Melker suspects there might be some potential bullish divergences on the BTC chart now that the price has rolled back below $10,000.

However, he prefers to wait for them to confirm.

Bitcoin breaks major TA patterns

After recent news that Bitcoin formed a Golden Cross pattern, many expected the price to start rushing upwards. However, the flagship crypto started declining instead.

Crypto trader and economist Alex Kruger points out this fact to his audience, joking that the digital gods are messing with traders. He tweets:

“Death cross, October 2019 => $BTC pumps 42%

Golden cross, February 2020 => $BTC dumps 10%

The technical analysis gods are messing with you.”

Related
Seven Signs of Bitcoin (BTC) Bullish Market Pointed Out By Trader

BTC sell-off ahead of the halving

The Bitcoin halving is due in just a couple of months with many strongly believing that it will give the BTC price powerful momentum. It would be logical for investors to hold their ‘digital gold’ and wait for it to soar in price. However, the major cryptocurrency is trading below $10,000 again.

Trader @TheMoonCarl has taken to Twitter to make it clear that those who are selling their BTC right now, in the run-up to the halving, may not understand what Bitcoin really is.

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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