Bitcoin (BTC) Price to Retest $4,200 Next Week, Sad Reason Explained by Trader

News
Sun, 03/22/2020 - 15:10
Vladislav Sopov
With Bitcoin (BTC) failing to hold its crucial $6,400 support level, its positions look more and more weakly for bulls. One trader explains what may send it below $5,000.
Cover image via stock.adobe.com
Contents

It's obvious that the days of extreme market volatility, which have been caused by the coronavirus outbreak, are very far from ending. The gains for Bitcoin (BTC) were erased by the second wave of painful drops (March 12-13) but stopped at the important support level of $6,400. Where is its next target?

Bearish Until $6,800

Dutch crypto trader and analyst Michael van de Poppe admitted that he is mostly bearish on Bitcoin (BTC) despite the fact that it managed to regain some of the previous losses.

For Mr. van de Poppe, the $6,800 level will only act as an indicator for a confident bullish reversal after a bloody drop. As the price of Bitcoin (BTC) is nowhere near this splendid level, the holders of an orange coin should brace themselves for another round of painful retests. $4,800 and then $4,200 will be the most significant support levels along this way.

According to seasoned trader, the SARS-NCoV-19-based panic will strengthen the bearish narrative next week.

Staying in a Happy Place

Another prominent trader and analyst Scott Melker admitted that $6,000-$7,000 waters are a safe zone for Bitcoin (BTC). The Wolf of All Streets named this territory the 'happy place'.

It should be noticed that the price of Bitcoin (BTC) returned over $6,000 less than three years ago after the third worst drop in history.

Related
Bitcoin (BTC) Price Worst Day Since 2017: What Happened?

At press time, Bitcoin (BTC) was trading at $6,221 on major spot exchanges, gaining 65% from its 2020 bottom. 

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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