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

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Tue, 12/03/2019 - 11:20
Yuri Molchan
Many analysts agree that the Bitcoin price may plunge soon, however, a hope for a slight bullish run remains
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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.

Related
Bitcoin Has Larger Blockchain Than Its "Big Block" Forks: Jameson Lopp

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.

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, can be contacted at yuri.molchan@u.today.

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