ARLINGTON, Va. – A cryptocurrency analyst said that Bitcoin (BTC) might trade sideways for quite a while, but the bigger picture continues to look fine, and with the long-term trend staying active, Bitcoin price is expected to surge after trading sideways.
Earlier today, the price of Bitcoin got a boost, rising to around $7,790 mark and suggest continued growth. Based on reports, Bitcoin has already entered the buying trend today, and the most popular cryptocurrency is on its way towards retaking the $8,000 position it once had. Shorting the Bitcoin at the moment could be dangerous, analysts add.
However, some analysts are still betting against the optimistic growth of Bitcoin, in favor of the possible bearish effect of the cryptocurrency in the market. They predict that the Bitcoin price has a possibility of going down, which is the opposite to what Bitcoin bulls are saying that although Bitcoin might not gain a huge momentum upwards right away, it’s surging trend is still intact and strong.
A crypto analyst, @CryptoMichNL, took to Twitter to point out that although trend line inside the downward trend of Bitcoin price continues holding up, the long term upward trend of the cryptocurrency still remains, citing that the crypto price is holding between the 0.618 and 0.65 Fibonacci Ratio.
According to the analyst, Bitcoin might still experience a few months of trading sideways, but based on the chart, he expects that Bitcoin price can reach around $13,000 if the trend continues. He said that, in the bigger picture, Bitcoin price is still looking fine.
Another Bitcoin analyst and trader, @nebraskangooner, however, is sharing some of the bearish sentiments for Bitcoin. According to him, at the current level of the Bitcoin price, it looks more likely to decline and even go down to around $6,300. He cited that the all-knowing fractal used by some traders to predict the performance of Bitcoin is showing that the current price is likely the top the cryptocurrency is getting for now.
A lot of cryptocurrency traders and analysts have taken Twitter all their opinions and sentiments over the performance of Bitcoin and other cryptocurrencies, but according to Peter Brandt, a veteran trader, Bitcoin bulls should be purged from Twitter altogether.
The veteran trader has spoken negatively about those Bitcoin bulls who are only waiting for instant enrichment and overall rejecting the fact of the ever-present volatility in the market. Further, Brandt believes that Bitcoin will surge and hit even as high as $50,000 points only once the last Bitcoin bull will disappear from Twitter.