StyleKandi
Bitcoin Primed to Bounce as $16,000 Level Holds Multiple Times

Bitcoin Primed to Bounce as $16,000 Level Holds Multiple Times

Bitcoin has undergone a slight drop because the $16,400 highs. Though analysts suppose that the cryptocurrency stays bullish because the $16,000 help degree holds.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Could Move Back Toward the Highs as $16,000 Holds

Analysts suppose that Bitcoin might transfer again towards the native highs because it holds $16,000 with precision. Sharing the chart beneath, one dealer mentioned lately:

“$BTC appears prepared to check not less than $16.2k Multiple wicks into earlier resistance is reminding me of the weekly retest at $10okay.” 

Chart of BTC’s worth motion over the previous few weeks with an evaluation by crypto dealer HornHairs (@CryptoHornHairs on Twitter).
Source: BTCUSD from TradingView.com

Other analysts have expressed this optimism about Bitcoin.

Referencing a chart, the identical dealer that predicted Bitcoin would see a V-shaped reversal throughout March’s lately mentioned the next, sharing a chart indicating that the cryptocurrency might rocket to $17,000 and even past that:

Read More:  Emerging Markets Drive Paxful First Half 2020 Bitcoin Volume to $1.1 Billion

“Breakout, retest, sturdy quantity sweep down, retraced your complete quantity zone and extra. More dump would shock me. Breakout buying and selling time, above crimson. 15-15.Three can be a great place to bid.”

Image

Chart of BTC’s worth motion over the previous few months with an evaluation by crypto dealer Bitcoin jack (@BTC_JackSparrow on Twitter).
Source: BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Long-Term Trends Positive

The long-term traits for Bitcoin stay constructive regardless of no matter uncertainty there’s within the extraordinarily quick time period. Tyler Winklevoss, CEO of Gemini and a Bitcoin billionaire lately mentioned:

“I do suppose we’ll see an all-time-high worth for #Bitcoin earlier than 2020 is over. Even although the worth has climbed from 10okay to virtually 14okay in lower than a month, it hasn’t actually gone on a breakout run but. When we begin to see 3-5k surges then the bulls might be on the run.”

Read More:  Data Shows Institutions are Buying Bitcoin Above $30,000 Despite Turbulence

Winklevoss thinks that Bitcoin might hit $500,000 on this market cycle as a consequence of BTC passing gold.

“Bitcoin has already made vital floor on gold — going from whitepaper to over $200 billion in market capitalization in beneath a decade. Today, the market capitalization of above-ground gold is conservatively $9 trillion. If we’re proper about utilizing a gold framework to worth bitcoin, and bitcoin continues on this path, then the bull case state of affairs for bitcoin is that it’s undervalued by a a number of of 45. Said in another way, the worth of bitcoin might respect 45x from the place it’s immediately, which implies we might see a worth of $500,000 U.S. {dollars} per bitcoin.”

This is in step with a sentiment shared by many different revered buyers within the area.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Primed to Bounce as $16,000 Level Holds Multiple Times

Read More:  Telecom Argentina S.A Hit by Major Ransomware Attack, Criminals Demand $7.5M Worth of Monero

EditorialTeam

Add comment