Bitcoin (BTC) Price, XRP Price Form Bullish Pattern, Promising to Skyrocket

News
Wed, 04/15/2020 - 10:48
Yuri Molchan
Crypto trader shares charts on which Bitcoin and XRP are printing a bullish ‘Diamond Bottom’ formation and expects a massive price surge. It may take some time, though
Cover image via stock.adobe.com
Contents

Bitcoin and XRP seem to be the only top cryptocurrencies that are carefully watched by their communities and frequently mentioned on Twitter. The BTC community is cherishing hopes that, after the halving expected on May 12 and due to the overall current situation with the US Fed printing trillions of stimulus dollars, the Bitcoin price will reach new heights in the near future.

Now, a major crypto trader has shared a BTC and XRP chart on which both these coins are forming a bullish ‘Diamond Bottom’ pattern.

‘Diamond bottoms are a bull’s best friend’

Trader ‘Credible Crypto’ has posted a tweet with screenshots showing that Bitcoin and XRP are both printing a ‘Diamond Bottom’ on the charts – a bullish pattern.

The targets ‘Credible Crypto’ has set for the Bitcoin and XRP prices are the $10,500 area and the $0.39-$0.47 zone, respectively. He admits that these bullish reversals could take time.

Other traders disagreed in the comment, though.

‘Grand move down’ is coming

@TraderEscobar believes that Bitcoin is about to make a major downward movement. The area where he expects BTC to land is near $6,000.

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‘Bearish cross incoming’

Another trader shared his bearish take on the Bitcoin price in the near future. ‘JOKER’ says he expects a bearish cross to form soon, after which BTC will likely descend towards $6,200-$6,000.

“#BTC trading below major support with incoming bearish cross over between RED and BLUE in the coming days. #BTCUSD finds selling pressure at $7100 - $7200 with minor interest at $6000 - $6200 and $5300 - $5500.”

Analyst Michael van de Poppe shared this negative take, which he has had for a while now:

“$BTC #BITCOIN. Can't get above $6,900-6,950 and that confirms my bearish bias, view stays the same. Looking how we'll be reacting at $6,600 from here, but mainly the monthly level around $6,350. Breaking and flipping $6,900 would change it.”

He added this, emphasizing the growth of the Bitcoin price over the past five years:

"Five years ago 1 $BTC was worth $200. Now it is $6,800. And in five years from now it will be higher + playing a more significant role in our monetary system."

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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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