The king of cryptocurrency Bitcoin BTC is enjoying a bullish raise. On 6th April, following the rebound above $7,000 level, Bitcoin has been holding in the $7,300 region confidently.
Whilst the traders seem to be displaying bullish behavior on Bitcoin’s future moves, however; few of them hope that it may go down first.
In 4-8 weeks, surging up to $8,540
The trader @MacnBTC presented his followers with a bullish Bitcoin price scenario that would come before a bearish move. The trader is anticipating a reverse at $7,450 to $7,650 level and would start moving back to $6,800 to $6,650.
However, the trader stated that in a couple of months, Bitcoin must fill the CME gap and then surge to $8,540 level.
$BTC bullish scenario
– Rejection here $7450-$7650 on weekly
– Retrace to $6800-6650
– Fill up CME gap in few 4-8 weeks pic.twitter.com/0WpNFh6E5y
— Mac ???? (@MacnBTC) April 8, 2020
Bitcoin price movement: What to expect?
Michael van de Poppe, an analyst, was expecting Bitcoin price to record a bearish divergence and began rising and targeting the price mark of $7,400 to $7,600. Moreover, he stated that in case Bitcoin drops below the $6,900 level, this could initiate a downward movement towards $5,800.
Well, the yearly/monthly level held for support as closed above.
However, still doesn't feel incredibly strong.
If we get another rally towards $7,400-7,600 we'll be seeing bearish divergences, implying a top.
Losing $6,900 would be bad and initiate $5,800. pic.twitter.com/xNyYKWEUDJ
— Crypto Michael (@CryptoMichNL) April 8, 2020
Previously, Michael van de Poppe tweeted that there has been a small drop here, however, not much significant has happened as of yet. It could be because there is going to be a test at the $6,900 area for a bounce.
While holding $6, 9000 will establish an opportunity for another run to $7300 to $7,500 for a bearish divergence. If $6,900 starts losing, then the journey towards $5,800 would be quite fast.
Not much to update… Thoughts are still the same. Break below the daily / yearly open today would send us much lower, hold above and we're probably going for the highs.
Still short with wide stops, chilling.
Let's see what we get. pic.twitter.com/I2O8YxmL7m
— George (@George1Trader) April 8, 2020
While another trader, George, is of the view if Bitcoin starts losing on the daily/yearly on the chart, prices will begin dropping much lower. However, he is expecting a bullish scenario also, and in that scenario, BTC would target the $7,600 region. His latest tweet explains the rise to high.
Crack mid range and we're off to range high. pic.twitter.com/rDzT7DXhqE
— George (@George1Trader) April 8, 2020
Bitcoin price is always very volatile and can sway in any direction at any given moment. We have witnessed flash crashed, and flash rises; therefore, cautious trading is advised.