Bitcoin Price Retreats to Under $12,000, Here’s What Happened

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Thu, 06/27/2019 - 10:30
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Yuri Molchan
🔙⏳Bitcoin keeps falling back and is currently under $12,000, just a day after it came close to the $14,000 mark👉🔐
Bitcoin Price Retreats to Under $12,000, Here’s What Happened
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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.

Bitcoin Price Retreats to Under $12,000
CoinMarketCap.com

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.

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.

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Bitcoin Price Surpasses $13,000 While This Market Analyst Predicts $15,000 in a Matter of Weeks

Tom 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.

Lee posted a forecast from the chief technical analyst of Fundstrat
https://twitter.com/fundstra
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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.