Despite Bitcoin (BTC) Price Rallying Above $10,000, Things Still Look Great for Bears

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Mon, 02/24/2020 - 05:58
Alex Dovbnya
A crypto trader predicts that Bitcoin (BTC) will not see the $10,000 price tag for a long time
Cover image via www.shutterstock.com
Contents

Bitcoin (BTC) has once again hit a snag after rallying above $10,000. At 2:37 UTC, the coin's price collapsed to its intraday low of $9,587 on the Gemini exchange before bouncing back to the $9,700 level. 

According to trader DonAlt, the bears remain in the driver's seat, which means that BTC is not going to rally any time soon. 

Related
Bitcoin Violently Rejects $10k, Prompting Traders to Target $8,550 CME Gap

Bitcoin could struggle to hit $10,000 again 

Bitcoin didn't stay in the five-digit reality for long this time around. The bears pushed its price below the make-it-or-break-it $10,000 level within one hourly candle on Feb. 23. 

Now, DonAlt, who accurately predicted BTC's rally in January, seems to think that the top coin is not going to see the aforementioned price "for a quite a while."

image by @CryptoDonAlt

In his previous tweet, DonAlt explained that his bear case was based on Bitcoin's failure to take out its mid-term top of $10,607.  

Related
Bitcoin Price Might Be Due for Pullback as FOMO Kicks into High Gear

The most obvious drop 

The latest Bitcoin (BTC) price drop might not come as a surprise for CME gap cultists. This week, BTC has once again was forced into the gap that was created over the weekend when the market was closed in the US.   

image by @HsakaTrades

Given how many traders closely follow these gaps, they might have already become self-fulfilling prophecies. Last week, BTC spiked to nearly $10,300 to fill a bullish gap before crashing seven percent just one day after that. 

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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, can be contacted at alex.dovbnya@u.today.

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