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Bitcoin (BTC) Price to Bottom Before Hitting $7,000 in August: Major Trader

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Thu, 03/19/2020 - 09:00
Yuri Molchan
As the Bitcoin price keeps holding in the mid-$5,000 zone, a prominent trader believes Bitcoin will tank deeper before making a V-reversal
Cover image via stock.adobe.com
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At the time of writing, Bitcoin remains slightly below $5,500, as the coronavirus pandemic continues. Crypto traders are bullish overall. However, some of them suggest that before rising higher Bitcoin is likely to tank and touch levels below $4,800.

Bottoming to $3,800 before surging to $7,000

Prominent crypto trader ‘DonAlt’ tweeted that, as per his calculations, the Bitcoin price is about to decline and reach a bottom. The V-reversal he hoped for has failed, the trader said. Despite this bearish prediction, ‘DonAlt’ said that he is ‘a bull hoping for a setup, not a bear shorting’.

On the chart he shared, the prediction curve drops to the $3,800 level and then rises to the $7,000 zone in about August of this year.

When asked about miner capitulation over the Bitcoin price crash in the comment thread, ‘DonAlt’ replied:

“People asked me that the last time I longed $3.4k in 2018 too. Miner capitulation has so far always been a meme. If miners become unprofitable they shut off and more profitable ones come.”

$6,800 in April - is that likely?

Trader ‘Anondran’ has shared his short-term forecast for April, which may unfold if the situation on the global markets and with the coronavirus does not change for the worse. ‘Anondran’ tweeted that he expects Bitcoin to reach the $6,800 level next month.

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‘$10,000 in a few months after accumulation’

‘TraderXO’ said that he also is not bearish on Bitcoin. He expects BTC to spend a few months in a flat range, then enter a rising trend which will take it up to $10,000.

‘TraderXO’ tweeted that he’d rather participants accumulate Bitcoin while it is trading in this range, rather than for BTC to surge and roll back again later on.

Analyst ‘Crypto Michael’ believes that Bitcoin may soon test the $6,100 resistance. He tweeted:

“$BTC is remaining fairly stable while USA Equities are getting hammered. The Dow I'm watching 18000 points. Usually, the first drop of a bubble is 35-50%, after which a relief occurs. This could suit a push of $BTC to $6,100 as resistance test.”

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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