It has been two months since Black Thursday, when Bitcoin fell from the $ 7,400 region to $ 3,800 and lost about 50% of its value in one day.
Since then, it has also taken a month for BTC to fully reach the decline and exceed the $ 10,000 psychological resistance.
While the leading cryptocurrency tries to reach $ 10,000, traders are dealing with Bitcoin’s short-term price estimates. One of them states that BTC will go to $ 14,000 soon. Here’s why!
Sees $ 12-14 Thousand Before a Major Correction
Trader ‘DIY Investing’ said he noticed the similarities between the time when Bitcoin hit $ 13,000 on July 10th and the current market structure.
He expects the next destination to be around $ 12,000-14,000. Trader expects a major withdrawal, but believes that a bluff should happen beforehand.
A trader with the Twitter name ‘Rekt Capital’ stated that the bulls managed to neutralize the momentum. However, in the chart he shared, there was a Flag pattern as the BTC price began to fall in February.
Strong rejection at the blue diagonal Flag resistance but the sellside momentum was promptly scooped up by eager buyers
— Rekt Capital (@rektcapital) May 15, 2020
“There Is Another Chance To Buy 7 Thousand BTC”
Analyst and columnist Joseph Young also believes that Bitcoin will show a big decline soon. He expects the price to drop to the $ 7,000 area and says it would be a good opportunity for diving.
He also believes that Bitcoin critic Peter Schiff won’t lose a chance to get a bottom.
“Bitcoin will apparently offer another opportunity to buy at $ 7,000.”
“Also, Peter Schiff will go into a tweet craze, which points to a pretty good base level.”
Bitcoin Will See Higher Demand
Its financial and analytics agency, Weiss Crypto Ratings, expects Bitcoin to see a higher demand than is currently showing.
The agency thinks that the increase in demand will cause a price increase.
“Bitcoin is probably the most scarce asset humanity has ever seen. Bitcoin’s price is rising, this is the only way to meet higher demand. The question is: will there be higher demand? If the central banks continue to print money forever, the answer will be a huge YES. ”