Bitcoin Price Could See A Bearish Reversal Unless It Hits $10k Soon
The crypto market was looking really promising all week, with Bitcoin managing to surpass the $7,000 level.
But the king coin fell below this important resistance level, and it’s currently trading in the red. At the moment of writing this article, BTC is priced at $6,935.93.
During the past Monday, Bitcoin made enthusiasts happy when the coin broke the $7,000 resistance level.
If BTC doesn’t see a surge soon, a bearish reversal could follow.
Despite this and more fundamentals that have been improving lately, according to the online publication UToday, traders are expecting a BTC surge much higher or a bearish reversal could be in the cards.
BTC to drop to $4,000?
UToday mentions a crypto trader who goes by the name of TheMoonCarl who said that the crypto might be printing a Rising Wedge pattern.
The trader explained that this is a bearish formation and said that the chances are high that BTC might be heading down to $4,000 in the near term.
#Bitcoin seems to be forming a rising wedge.
It’s a bearish pattern, 60% chance to break down, with a $4,000 target.
Will you take the trade if it breaks? 🤔 pic.twitter.com/on2YfCYZah
— The Moon (@TheMoonCarl) April 7, 2020
Bitcoin predictions ahead of the halving event
Other crypto analysts are expecting to see a surge in price, and the primary catalyst for this move would be the BTC halving event, which is scheduled for this May.
More predictions are optimistic ahead of this really important event that’s highly expected by the crypto community, despite the global crisis in the middle of which we are due to the coronavirus pandemic.
A recent report revealed that the halving would probably trigger a “shakeout before the breakout.”
According to the online publication the Daily Hodl, the shakeout phase could see massive capitulation of the BTC miners who will not be able to pay their bills – these are expected to sell their BTC and switch off rigs.
This will reportedly land the price of BTC to around $5,000.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.