A renowned cryptocurrency trader, Josh Rager, has tweeted that whichever direction the Bitcoin price chooses to take from its current position, either one will be beneficial for the BTC community, here’s why.
At the time of writing, Bitcoin is sitting at $9,089 per coin.
A win-win Bitcoin scenario
Josh Rager assumes that no matter whether Bitcoin moves South or North, it will be a win-win situation for holders and traders.
If Bitcoin surges above $10,000 and stays there for a while or drops under the current level of $9,000, both will be beneficial, he said.
A rise would be good for obvious reasons, as per him, and a plunge in price would allow traders to buy the dip and accumulate some more BTC before it moves past 10,000 at a later date.
The trader points out that Bitcoin could be ranging below $10,000 for many more months since BTC is a very liquid and volatile asset.
However, he says, if BTC manages to break above this level, it is unlikely it will come crashing down.
‘Losing $8,800 may push BTC to mid-$7,000’
Trader Michael van de Poppe notes that Bitcoin remains inside the range.
He points out that if Bitcoin dives below the $8,800-$8,600 area, this will likely make the king crypto decline further and hit the high-$6,000 or mid-$7,000 zone.
The analyst believes that breaking above the $9,300 resistance would be a bullish sign for the market.
In his recent analysis, trader Yuri Bishko from TradingView stated that Bitcoin is currently trading in a range and needs to start showing signs of shooting up or down before making any realistic forecasts.