Bitcoin Price Targets $6,400 Zone to Soar Right After

News
Fri, 03/27/2020 - 09:14
Yuri Molchan

Bitcoin has advanced to $6,719 and traders are eyeing further scenarios. Meanwhile, recent data shows the amount of average Bitcoin holders is growing

Cover image via stock.adobe.com
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As the financial crisis continues, along with the coronavirus pandemic, Bitcoin remains on the same level as before – the upper-mid-$6,000 zone.

On Thursday, a bullish breakthrough took place as the stock market started rising and gold proponent Peter Schiff could not but troll Bitcoin holders. He stated that BTC has proven to be a non-correlated asset since, on Thursday, everything rose but Bitcoin. CZ Binance disagreed, sharing with Schiff a green screenshot of the crypto market.

Now, traders are eyeing two further bullish scenarios for BTC. Meanwhile, recent data shows that the amount of active Bitcoin holders has risen significantly and hit a new all-time high.

Bitcoin targets $6,400

Trader ‘TraderKoz’ is considering two possible scenarios. The first one is immediately bullish, in which BTC surges to the $7,100 area. The second one, however, first pushes the flagship currency down to $6,400 before it rises.

Trader ‘George’ is looking at the same scenario, expecting BTC to decline to the $6,400 as the next best scenario at the moment. If Bitcoin moves to new highs without taking the lows at the aforementioned level, things could turn bad for it, he states.

Trader ‘Crypto Krillin’ tweeted that he agrees with this scenario.

Number of average BTC holders hits a new ATH

Recent data shared by Glassnode Studio shows that the amount of wallets holding more than one Bitcoin has surged to 797,123.000 – a new all-time high.

The previous one was recorded a week ago.

Related
Bitcoin (BTC) Price Might Be Ready for Take-Off, Exchange Data Shows

‘Bitcoin bottom is in’

Trader ‘Bitcoin Macro’ reckons that the bottom for Bitcoin has passed already. Citing forecasts for breaking $3,000, he says that this should have happened on March 12, when BTC lost around 50 percent of its value within 24 hours. And since a fall below $3,000 did not occur then it is not going to happen. He tweeted:

“I still believe that the bottom for $BTC is in. If we would've broken $3k, it would've happened on the volatile move from $8k to $3.6k on March 12. We dropped 55% in 24 hours. Whoever didn't sell on March 12 has balls as big as mine.”

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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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