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Bitcoin Price Prediction: Is a $6,000 BTC Price Possible to Reach Soon? Another Explosive Rise Is Coming

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Bitcoin Price Prediction: Is a $6,000 BTC Price Possible to Reach Soon? Another Explosive Rise Is Coming
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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

 

Bitcoin continues rocking the market with altcoins following its path. We have reached the $5,000 level successfully and even witnessed BTC going up to $5,100. So, what’s next? Let tradingview users share their opinions and Bitcoin price predictions. They will explain how to trade Bitcoin in current market conditions, and what to expect from the world’s most popular cryptocurrency in both the short and long term.

Looks like breakdown from $6,000 in opposite direction

We’ll see a great BTC rise soon

Bitcoin price chart from MagicPoopCannon

Looking at the breakdown from $6,000, we can see that there was a sharp drop, and then consolidation. The first three candles are marked as "Candle A," "Candle B," and "Candle C." As you can see, candle A was huge and had a long lower wick. Then, candle B formed an even lower wick, but in the form of a hammer candle. Candle C then resumed the sideways consolidation pattern.

Looking at the current price action, we can see that it is pretty much the exact same thing so far, just in the opposite direction. Candle A is huge, and it has a long upper wick, similar to the long lower wick on the red A candle. Then, candle B produced an even taller wick, and it closed in the form of a hammer, just like the first B candle. Now, the current C candle appears to be continuing with the sideways consolidation. So, this is very similar to what we saw on the breakdown from $6,000. So, if the price maintains these similarities, we could see another explosive rise that catapults Bitcoin into the major overhead resistance zone.

Wait and hodl: We target $6,000-6,300

Our next target is $6,000-6,300

Bitcoin price chart from D4rkEnergY

According to D4rkEnergY, since February 5th, we have been through an accumulation phase. Now, the bullish market has restored. However, the user’s recommendation now is to wait because we will soon retrace a bit (4th wave). And then, we will go up again. Our target is between the 2 red lines – most likely $6,000-6,300. This summer promises to be hot.

At the moment, we’re observing a struggle in Bitcoin’s price path. The 5th Sub-Wave is having a hard time with the red resistance line, and therefore we might see it be truncated. Thereafter we will retrace on wave 4.

True Bitcoin bottom is months away

The true bottom is $3,700, but it’s not going to happen soon

Bitcoin price chart from ReallyMe

According to ReallyMe, the breakout is only a short-term phenomenon. We will soon be ironed out again, but it’s actually not so scary. So, what to expect?

The true bottom will be when red has crossed green, not earlier. As you can see, both red and green are still going down steeply. Even the recent $5.1k spike could not change that.

Next, the price will return back below the red line ($3,700). The true bottom is still far away. On the price graph, you can see two possibilities that appear likely to the user.

Sell your house, to the moon!

Do not Fear Missing Out

Bitcoin price chart from AIMORAN

So, how to trade Bitcoin in the current conditions? Let user AIMORAN explain.

  1. We now have two scenarios, the first more bloody with a fall to $1,800-2,000. It will be activated at the close of the week and in the case of pinbar formation.

  2. The second scenario will be activated if the weekly candle does not close with a large shadow and then we will only have a correction to the level of $3,600.

In any case, do not have FOMO, as such manipulations have already occurred a dozen times since the beginning of 2018.

We will open a short this week, but today it is early and dangerous to do it! Most likely there will be a pump to the level of $5,600-5,800, and then the manipulators will take profits and the weekly candlestick will close with a big shadow, so, for now, the level for the shorts is $5,600-5,800!

Great opportunity for shorts. We expect the week to close, if MA 200 buyers do not break out, we will open a short.

Bitcoin’s recent price growth opens a lot of trading possibilities. While we target $6,000, don’t forget that BTC is expected to fall again after that. Slowly but steadily, we’re moving towards a very hot summer.

BTC/USD price chart on TradingView

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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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
    📰 News

    John Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
Cover image via u.today
Contents

Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

“I doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Peter Schiff Says Bitcoin Is Running Out of Buyers to 'Keep Ponzi Going'

Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

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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