The performance of the Bitcoin price in the past few days has misled many. While many analysts and investors are waiting for the BTC price to drop, the price suddenly rose above $ 7 thousand 100.
After rising above $ 7 thousand, BTC could not break the resistance and returned to $ 6 thousand 700 again. However, according to some analysts, the BTC price may go down again.
Bitcoin price may go up to $ 7 thousand again in a sudden move. After all, it is difficult to predict what will happen in the market, especially in the cryptocurrency market. However, some commentators who are evaluating the current situation of Bitcoin and speaking accordingly, warn that there may be a decrease in price.
@SmartContracter, using Elliot wave analysis, said he expects a drop in the price of Bitcoin in a recent post.
In addition, Rookie, one of the domestic crypto commentators, warns that a decrease may occur. We also shared his views in the past days. Rookie has pointed out the low volume of Bitcoin for a few days. That’s why he was skeptical, even when the price of BTC was over $ 7,000.
So Where’s the Target?
How much can the bitcoin price drop if it really suffers a final drop before halving? So where’s the next stop for Bitcoin?
Some cryptocurrency analysts on social media say Bitcoin can fall back to $ 3,000 (or even below) again. However, some analysts make a slightly more optimistic prediction. Crypto Michael, who has been saying that he is a bearish for a while, draws attention especially to the range of 4 thousand 800-5 thousand 200 dollars in Bitcoin. But Michael also states that if BTC completely breaks the $ 6 thousand resistance, it will change its view.
Selcoin, a domestic commentator, has a similar expectation. Selcoin has been warning people for a long time that Bitcoin will perform a volatile performance before halving. He also emphasizes that the bottom support area in Bitcoin has been at $ 5,200 for several weeks.
Although Selcoin pointed to the level of 5,200 dollars, he also made a prediction that the price of BTC could push the level of $ 7 thousand 200 the other day.
What happens if it rises?
As we mentioned at the beginning of the article, Bitcoin has the potential to mislead everyone. So although many analysts are expecting a drop in Bitcoin price, it is possible that the price will rise suddenly. So, what happens if Bitcoin gets 7 thousand 200 dollars again?
If Bitcoin is on the rise, it will probably need to break the resistance (roughly $ 7,000) first. According to Crypto Kemal’s estimates, BTC’s rising above this level may be a sign that the price may increase further.