Where Will Bitcoin (BTC) Price Move After Breaking $9,200: Analysts’ Take

News
Fri, 03/06/2020 - 11:53
Yuri Molchan
As Bitcoin trades at $9,160, gradually recovering its losses after it fell from under the $10,000 level, analysts are sharing where the price may head next
Cover image via www.shutterstock.com
Contents

The flagship digital currency is gradually rising back to the $10,000 level. Three recent events are believed to be pushing the price – the cancellation of the Indian cryptocurrency ban (now Indian investors are free to legally trade BTC and other crypto on local exchanges), the announcement of a 5G router from HTC (which can run a full BTC node) and the official legalization of crypto in South Korea.

Earlier on Friday, U.Today reported that a French court had officially recognized Bitcoin as a currency.

Now, as Bitcoin is trading at $9,160, according to CoinMarketCap, traders and analysts are sharing their take on where the major crypto may head after it breaks through $9,200.

Mixed take: $9,300/$8,900

Crypto trader ‘George’ is bullish on the further BTC price advance. He sees $9,300 as the next level BTC is likely to take. However, he admits that the most popular cryptocurrency may reverse and start heading back to the $8,900 area.

Image via Twitter

Mixed take: $9,400/$8,400

Dutch analyst Michael van de Poppe reckons that BTC is stuck in a range at the moment after flipping the $9,000 support. Should Bitcoin break above $9,150 (which it has almost already done), the coin may then head higher – towards $9,400. Reaching this level is likely, the analyst writes.

However, if BTC slumps below $8,950, the market should expect a further decline to $8,600 or $8,400, he tweets.

Related
Binance CEO on Bitcoin (BTC) Price: 'Doesn't Feel Like We Will Hang Around $9,000 for Long'

Modest bullish expectations

Crypto trader Scott Melker seems to be one of those who are moderately bullish on further BTC price movement. He tweets about a bull flag he has spotted on the chart. Melker hopes that the daily trading closes above $9,090.

Image via Twitter

 

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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, can be contacted at yuri.molchan@u.today.

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