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Bitcoin Price Retreats to Under $12,000, Here’s What Happened
On Thursday, June 27, Bitcoin price has retreated from its Wednesday high of slightly under $14,000 and is currently trading below $12,000.
The crypto market is in a sea of red.
Is the anticipated market reverse taking place?
As Bitcoin price hit a new maximum on Wednesday, it had showed an over 340-percent increase after the low of $3,000 it had seen in December 2018.
Many experts had been expecting a correction to come soon, among them Fundstrat’s Tom Lee and the old-school trader Peter Brandt.
Peter Brandt
Brandt had warned that traders may now start thinking of fixing some profits, since the "Obnoxious-Twitter-Millennial-Index" (OTMI) was registering an extreme amount of FOMO.
The "Obnoxious-Twitter-Millennial-Index" (OTMI) is registering extreme FOMO. That is always a sign to consider taking some money off the table. pic.twitter.com/t0t1NVo3Ys
— Peter Brandt (@PeterLBrandt) June 22, 2019
However, the community in the comment feed disagreed, saying that they intend to hodl until BTC hits $50,000.
Another expert said he would sell once Bitcoin hit $10,200. Curiously, both Brandt and Lee have predicted Bitcoin’s price to grow in the end.
Alex DovbnyaTom Lee
Tom Lee has made his bet on the $20,000 mark due to the increasing FOMO. Brandt has set a long-term goal of $100,000, saying that Bitcoin has started a new parabolic cycle.
The other day, Lee posted a forecast from the chief technical analyst of Fundstrat, saying that Bitcoin’s price might be about to reverse, since it has formed a ‘double top’ pattern on the charts.
NOT A FORECAST:
— Thomas Lee (@fundstrat) June 25, 2019
But our TA @rsluymer says there is no such thing as a ‘triple top’
Looks like we will soon find out... pic.twitter.com/hRz55xZERD
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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