Crypto Trader on Bitcoin Price Action: 'Something Bigger Is Brewing'

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Mon, 11/04/2019 - 17:00
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    Traders are missing out on the bigger picture while watching Bitcoin's short-term moves

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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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Bitcoin (BTC) has been range-bound ever since its price jumped by more than 30 percent in one day on Oct. 25. With that in mind, cryptocurrency trader 'Mr. Anderson' expects a bigger price move. 

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Some might argue that Bitcoin is not exactly stable as of now since it continues to see-saw between its support and resistance levels. However, 'Mr. Anderson says' that it's easy not to notice a lack of volatility on the higher time-frame price charts.

After taking a close look at the coin's weekly chart, he now says that something "much bigger" is coming. 

As reported by U.Today, Binance CEO Changpeng Zhao, who controls the largest exchange by trading volumes, predicted that the Bitcoin price could go to $16,000 'soon-ish' on Nov. 1. Such an ambitious forecast was made after the famous 4chan prophecy was failed to hit its October target. 

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Putting aside a crystal ball, Bitcoin might be indeed on the brink of another turning point after weeks of low volatility, but this is not necessarily good news for the bulls. After being stuck in the $10,000 range for weeks, Bitcoin tanked to the $8,000 level on Sept. 25 and it took it more than a month to experience a price relief.   

At press time, the crypto king is changing hands at $9,299, CoinStats data shows. Trader Luke Martin says that Bitcoin will be a good buy if it reaches the bottom of the trading range again. Last week, Bitcoin briefly dipped below $9,000 on multiple occasions, but it never managed to print a daily close above this level.  

 Will Bitcoin be able to make a decisive move in the short-term? Share your take in the comments!   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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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