Bitcoin Price to Break Out for Real if It Hits $7,800: Crypto Trader

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    As the Bitcoin hash rate reaches a new all-time high, crypto traders and analysts are turning bullish on the future of the price

Bitcoin Price to Break Out for Real if It Hits $7,800: Crypto Trader
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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.

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As 2020 commenced, the Bitcoin price started a slow growth from, getting over the $7,200 mark and reaching $7,288 on January 3, as per the figures from CoinMarketCap. At press-time, the flagship currency is trading at $7,373. This is due to the fact of the Bitcoin hash rate rising to a new all-time high on January 1 and hitting 119 mln TH/s.

Some crypto traders are tearing between bearish and bullish scenarios, however, others believe that the fact of the hash rate surging may indicate a massive price surge in the future.

‘BTC price is about to explode SOON’

Trader and analyst @themooncarl bets on the aforementioned Bitcoin hash rate spike, saying that it is now 8 times higher than back in late 2017 when Bitcoin price came close to the $20,000 mark. He expects the BTC price to ‘explode’ soon.

BTC hash rate ATH
Image via Twitter

‘Inverse head and shoulders – testing $7,800’

Crypto trader @CryptoDonAlt points out that the Bitcoin chart is showing an Inverse Head and Shoulders pattern, which usually describes upcoming reversals in downtrends. He tweets that Bitcoin is likely to test the neckline on the chart – a point close to the $7,800 level.

The expert also says that after testing that spot, BTC will either show a fake breakout and then dump or will do ‘a breakout for real’. Overall, he remains bullish.

BTC price
Image via Twitter

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‘High chance of a decline towards $5,300’

Trader @KiaCrypto assumes that Bitcoin heads for testing the $7,800-$8,800 level. However, he says, it may slump to the $5,300 spot – the latter is likely to happen as long as BTC remains under the red line on the chart - $7,330.

BTC bearish forecast
Image via Twitter

 

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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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