- Bitcoin is back in the green
- An analyst expects BTC to return to $6ks to $7ks region
- John Bollinger warns traders to be cautious or short
Bitcoin News Today – Bitcoin (BTC) recently broke over the major $10k hurdle point and surged to the highs of $10,430 on some trading platforms. This massive upsurge got many crypto investors excited. However, their excitement was short-lived, as Bitcoin started heading south a few hours later.
The price of the digital currency plunged significantly and broke below the $10k. Bitcoin continued its downward correction and lost about $1,500. After this massive drop, analysts are starting to reconsider their bullish sentiment on the digital currency market.
Bitcoin (BTC) Price Today – BTC / USD
Analysts Expect Bitcoin to Plunge to the $7,000 Region
One crypto analyst recently said that the price of Bitcoin (BTC) might soon plunge towards the $7k region after experiencing that harsh rejection over $10k. This same analyst predicted the plunge of BTC to $6,400 in 2019 several months before it happened. He also predicted the top of Bitcoin to around $11k earlier this year.
The analyst recently shared a chart showing that the macro price action of Bitcoin from the high of $20k until now looks strangely similar to the consolidation after the bull market in 2013. During the consolidation, BTC retraced to the green growth curve twice. The digital currency has done that once in this circle, and this means that it might fall to the $6k-7k region one more time before it could start another major upside rally.
John Bollinger Tells Traders to Be Cautious or Short BTC
John Bollinger – the prominent analyst behind the Bollinger Bands Indicator – is asking traders to be careful. Recently, he said:
“This is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.”
He made this comment in reference to his indicator, which shows that the digital currency was rejected after trying to break out of its present range. While he may expect a change, Bollinger remains bullish on the long-term.
Recently, he said that the MACD of Bitcoin is well-positioned for the cyclical move up. According to the charts, this next upside move should push the price of the digital currency over its previous all-time highs.
Bullish Bitcoin Price Prediction
The CEO of Blockstream, a Bitcoin development company – Adam Back – recently gave a bullish Bitcoin price prediction. Back said that he believes the price of Bitcoin would reach $300k in the coming five years. This marks an increase of about 3,000 percent from the current price level.
Bitcoin is now back in the green, with an increase of about 1.5 percent over the past day. Where do you think Bitcoin would be headed next?