After Bitcoin lost almost 50 percent within one day late last week and paid a visit to the $4,800 area, it has recovered to the mid-$5,000 levels and has been fluctuating there since. At the time of writing this, BTC is sitting at $5,201, as per CoinMarketCap.
Meanwhile, a crypto analyst and trader says he expects the flagship currency to dip below $5,000 once again and then surge to test higher levels if all goes well.
‘Should be retesting $4,800-4,950 quite soon’
Dutch-based analyst Michael van de Poppe has tweeted another Bitcoin prediction. So far, he tweets, Bitcoin has been stuck in a range. The analyst expects it to decline and break down to the $4,800-$4,950 level quite soon.
This should happen, as per him, before BTC surges to test $6,000. However, a possible bearish scenario, the tweet says, may send the Bitcoin price down to $3,750.
Bitcoin itself, still stuck in a range here.
Should be seeing some sideways movements quite soon, retesting $4,800-4,950, before a liquidity tap to the upside.
If we hit $6,000-6,400, I’d be looking for shorts.
Losing $4,800 -> Likely testing $3,750. pic.twitter.com/RVyF6tPplD
— Crypto Michaël (@CryptoMichNL) March 18, 2020
‘Broke below most of the key levels’
Trader ‘George’ points out that Bitcoin has broken below the majority of the crucial levels that were giving hope for bullish movements in the short-term.
Short. Broke below most of the key levels we had to hold for any bullishness. Clean invalidation above the weekly/daily open, and a good RR. Let’s see. pic.twitter.com/sb3ERGMtx2
— George (@George1Trader) March 18, 2020
Trader Protixder from TradingView also expects Bitcoin to decline below the $5,000 zone. This may happen ‘if everything gets closed in EU-USA’.
Bitcoin spot volume is at ATH
The good news is that the current Bitcoin spot volume has hit an all-time high – the screenshot from Bitstamp was shared by Twitter user ‘CL’
Bitcoin Spot Volume is at ATH.
(Uploaded the wrong chart in the previous *now deleted* tweet) pic.twitter.com/ij5tn056Ki
— CL (@CL207) March 18, 2020
