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BTC Price Will Be $8,200 but Traders Predict a ‘Falling Domino’ Pattern to Knock It Down


BTC Price Will Be $8,200 but Traders Predict a ‘Falling Domino’ Pattern to Knock It Down

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 has managed to do what nobody expected: it not only passed the $6,000 threshold, but even managed to spike to $7,200, settling to around $7,000 as of now.

Seems like the arrival of bears has been delayed, but it cannot be cancelled at all. So, for how long will BTC continue growing, and what to expect from it in the nearest days? Check out what Twitter users think about it.

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It can’t last forever

Optimistic traders shout about the new higher highs for BTC to be achieved in the nearest time. But it’s logical that Bitcoin should retrace for some time to accumulate more powers. So, when might it start falling back?

Here’s an interesting theory: BTC will repeat the Falling Domino pattern:

Here’s how Kiana Shek, Co-founder of DigiFinex, comments upon the situation:

I see overhead resistance at 7.7. On a weekly chart the sharp v shape reversal from the December low looks a little unnatural. Would be cautious about buying here. Those who want to get long will probably get a much better entry if they're a little patient.

Still a few unresolved negative overheads in the market, and sentiment might change after consensus this week. Risk management is key, even if the market appears bullish!

Many traders claim that a $1,000 or even lower drop would be natural even if it seems to be dreadful. Here’s one suggestion about the possible bottom, and it actually seems to have a grain of truth in it:

Some suggestions for BTC’s bottom in case of a pullback are more moderate:

When could the bear run happen? Traders are sure that BTC should hold the $7,100 position. If it fails to sustain the current level, it will drop:

Go, Bitcoin, go!

Yet, before the dump happens, Bitcoin might reach a number of great heights again. A bearish flag won’t happen all of a sudden – most probably, we will see BTC climbing to $8,000 and a bit higher.

The most optimistic traders claim that BTC has made its first steps to the top of the mountain, and it will continue the endless growth:

Here’s one more piece of proof that the patterns in 2017 and 2019 coincide, which means BTC has all chances to make it to $20,000:

Some traders suppose that BTC needs to touch the new resistance to soar:

If you believe in BTC’s power, you can hold your reserves. If you’re an advanced trader, you have a chance to earn now. Here are a few trading recommendations for those who want to play shorts:

Final thoughts

With so much fuss around and an epic sell volume, BTC might make a retracement faster than we think. However, the momentum it has already gained is now driving it to the $8,000 mark. Will this level be reached? It’s more than likely now that bulls aren’t ready to give up.

Cover image via www.123rf.com
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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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