Bitcoin Price: Market Structure is Definitively Bearish, Trader Says, But Some Disagree

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Thu, 12/19/2019 - 12:38
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    While Bitcoin is trading in the $7,170 area, the opinions of expert traders regarding the current state of the market have split

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.

Contents

At press-time, Bitcoin is exchanging hands at $7,169, recording growth by nearly 8 percent and the top twenty coins’ field looks green, as per the data from CoinMarketCap.

In a series of tweets made on Wednesday, the crypto trader Scott Melker states that Bitcoin is still in a downtrend and the market structure is definitely marked by bears’ domination.

He mentioned a debatable bull flag, admitting that his analysis may prove wrong if anything changes.

The screenshot of a chart says that back then Bitcoin was trading at around $6,660.

Scott Melker BTC
Image via TradingView

Peter Brandt: Bitcoin has held an important support

On the same day, the Bitcoin spiked over $7,000 and the savvy commodity trader Peter Brandt tweeted that Bitcoin had managed to hold a crucial support level.

After that tweet, the flagship crypto surged to touch $7,400 and then dropped to $7,148.

One of Brandt’s followers, the trader @themooncarl agreed, saying that the trend is still bullish.

“Indeed, this support line has a lot of long term significance. Bullish trend still intact.”

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‘I think we will see 7800’

The trader Crypto Wolf seems to be feeling more bullish about the Bitcoin price as he posted that it may surge to $7,800 should Bitmex funding rate stay negative.

Wolf BTC price
Image via Twitter

Long term $250,000 BTC forecast

In a recent interwove, the Bitcoin bull and billionaire Tim Draper stated that he still believes in his forecast of $250,000 per BTC.

He said that it would happen from 6 months to a year after the halving in May. By the end of 2022 or early 2023, he put it more specifically.

As per him, by that time Bitcoin mass adoption will spread much wider and that women (who currently own only 1 Bitcoin wallet out of every 15 and do around 80 percent of daily shopping) will realize that banks are taking 2.5-4 percent fees from them each time they swipe their card in a shop.

When this happens, Draper says, women will start looking for cheaper solutions and Bitcoin is the best candidate here.

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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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