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Bitcoin Price at Crossroads but Breaking Through $7,400 Still Possible: Crypto Analyst

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  • Yuri Molchan
    📰 News

    Many analysts agree that the Bitcoin price may plunge soon, however, a hope for a slight bullish run remains

 Bitcoin Price at Crossroads but Breaking Through $7,400 Still Possible: Crypto Analyst
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bearish forecasts are appearing one after another on Crypto Twitter as analysts seem to be expecting the bears to start dominating the market again.

Is BTC heading towards $6,200?

As reported by U.Today earlier, the @nebraskangooner entrepreneur and trader expects the Bitcoin price to drop to $6,200 soon. He bases his negative forecast on the fractal analysis.

The price may first rise to see $7,500, he says, ‘and then…’. His expectation is $6,200.

A hope for bulls remains

The analyst @CryptoMichNL says that at the moment on the charts Bitcoin has got out of the wedge pattern. The analyst still hopes that the price will break upwards at the $7,400 level. However, he admits that a bearish reversal towards $6,900 is also an option.

Earlier, the same analyst’s expectations were more bullish. He tweeted:

‘I don't think we're going that much further down.’

Taking into account the approaching Bitcoin halvening in May 2020, he said he believed that the market would start surging rather than dropping.

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A drop to 6,000 by end of 2019 expected

Another crypto trader seems to be bearish on Bitcoin, at least until the year ends. KailCrypto has posted a chart on TradingView where he shows that the price of the flagship currency is likely to plunge - down to $6,000 by the time 2019 is over.

Bitcoin price 6000
Image via TradingView

Bullish expectations ahead of the BTC halving

Overall, market expectations concerning the price of Bitcoin remain bullish, despite the bearish short-term forecasts mentioned above.This is due to the approaching halving in less than half-a-year.

The crypto analyst PlanB on Twitter says that the run-up to the halving is not bearish at all. However, he is surprised not to see any front running on the market yet.

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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.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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