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Bitcoin Trader: Strong Retraces Normal for BTC Ahead of Halving and New Bitcoin Bull Market

  • Yuri Molchan
    📰 News

    Bitcoin is still trading slightly above $8,000; however, many traders are still bullish in the long term, considering the upcoming halving in 2020

Bitcoin Trader: Strong Retraces Normal for BTC Ahead of Halving and New Bitcoin Bull Market
Cover image via www.123rf.com

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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Traders are most attentively following Bitcoin, the major cryptocurrency. This year, it has received more exposure to institutional investors and thus received much more cash from them than during the crypto winter.

This year, Bitcoin surged to slightly under $13,000 but then experienced several major pullbacks. Most traders and investors are sharing a view that the Bitcoin price is likely to surge after the approaching halving in May 2020.

 

‘Bitcoin is no stranger to strong retraces prior to new bull market’

Yesterday, a crypto trader @rektcapital stated that major retraces are normal for Bitcoin as another halvening and a new BTC bull market are about to start.

A crypto trader @Tradermayne says he has been longing BTC for the past 3.5 weeks when BTC nosedived under the $8,000 mark but did not stay there for long. He intends to keep longing Bitcoin.

 

“People would sell their house if they’d be able to buy $BTC one more time at $8.000”

A Dutch trader @CryptoMichNL says that despite people now saying they would only buy more BTC if it dropped to $6,000, retail investors in fact would be eager to buy at much higher levels too, as it was a while ago.

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Mati Greenspan on the Bitcoin price

At present, BTC is trading at $8,121.

BTC price CMC
Image by Coinmarketcap

Still, the chief analyst of eToro trading platform, Mati Greenspan, writes in his weekly newsletter that should BTC drop below $8,000 again, it will find support at around the $7,500 mark.

“Bitcoin does seem to be forming some solid support on the chart just above $7,500 per coin. It would be nice to see a bit of a bounce from here, but if it does break below there are still several levels of support just below.”

Mati Greenspan on BTC price
Image by eToro

 

What is your bet on the new direction the BTC price takes in the near future? Share your view in the comments section!

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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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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

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.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

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