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Top BitMEX Trader Says He's "Patiently Waiting" for Bitcoin Price to Drop to $6,000 Level

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    One of the most successful BitMEX traders believes that Bitcoin is bound to experience another major correction

Top BitMEX Trader Says He's "Patiently Waiting" for Bitcoin Price to Drop to $6,000 Level
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.

ByBit

Cryptocurrency trader "Angelo฿TC," who rose to stardom after becoming the number one trader by notional profit on the BitMEX cryptocurrency exchange, has just taken crypto Twitter by the storm by saying that he's "patiently waiting" for the Bitcoin (BTC) price to hit $6,000 so that he can add more sats to hit long-term holdings. 

It's very rare when the "semi-retired" whale takes to Twitter, but he always causes a huge splash when he does. At the end of August, when Bitcoin was still hovering above the $10,000 level, he tweeted his friend's warning about "long capitulation" that would occur if Bitcoin were to break below $8,000. 

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Bitcoin Price Will Surpass $20,000 Within the Next Year if It Continues to Follow Gold’s Market Cycles: Expert

Bitcoin Price Will Surpass $20,000 Within the Next Year if It Continues to Follow Gold’s Market Cycles: Expert

As reported by U.Today, the BTC price did experience a painful correction on Sept. 25, just two days after the much-anticipated Bakkt launch. After rebounding from the $7,700 level and witnessing several fakeouts, the top coin is currently trading sideways in the $8,100-$8,200 region

Back in March, when Bitcoin was inching closer to its historic 20 percent green candle that was recorded on Apr. 2, "Angelo฿TC" stated said he had never been more bullish on Bitcoin.

He predicted that the BTC price could surge to $30,000 by 2021 given that crypto is only "a drop in the bucket" compared to already established asset classes, such as gold.   

"The end goal for Bitcoin as an investment is a binary outcome. It goes to 0 or you 10x your investment. There is no in-between."

Still, $30,000 might be a very conservative figure. Commodity trading veteran Peter Brandt, whose tweets also attract a lot of attention on Twitter, recently predicted that the BTC price could shoot up to $50,000 after eventually bottoming out at the $5,500 level at the beginning of January. 

Will Bitcoin actually drop to $6,000? Share your own predictions in the comment section!  

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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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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
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.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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Top Bitcoin Trader on BitMEX Says He's "Long and Strong" as BTC Price Struggles to Hold $8,000

Top Bitcoin Trader on BitMEX Says He's

According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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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