Bitcoin Analyst Highlights A “Gigantic Buying Area” For BTC
Bitcoin has been really unpredictable these days, but nonetheless, price-related predictions keep popping up.
Regardless of the fact that BTC crashed a few days ago, some of the predictions are still bullish.
BTC’s next levels of support
Now, according to the latest news coming from the Daily Hodl, a leading crypto analyst and economist highlighted BTC’s next levels of support.
The online magazine is referring to Alex Krüger who says that BTC is still in the danger area.
The crucial line of support is, according to him, at $6,800.
He said that if BTC falls below that level “Bitcoin will have essentially retraced down to the technical start of 2019’s bull run, and will be in a “gigantic buying area.”
I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I'll do if price drops there.
— Alex Krüger (@krugermacro) June 5, 2019
The online publication also brings up a crypto analyst known as Galaxy who told his 52k followers on Twitter that traders are large are now bearish on BTC.
He said that BTC’s recent pullback is just a temporary and necessary retracement especially given BTC’s big move from $3,700 at the beginning of 2019 to a high of over $9,000.
Surprised on how bearish the sentiment is on this correction of a strong uptrend
People are actually waiting to short the bounce
Extremely risky play and the price could turn to the upside any moment, strong and fast, as it did before
This is a retracement not a reversal$BTC
— Galaxy (@galaxyBTC) June 5, 2019
Someone commented: “It’s indeed a retracement, however, it’s not finished just yet. And that’s perfectly normal after this crazy run.”
Another Twitter user wrote: “4hr 8/13/21/55 EMA flipped bearish. Backtested this to 2011, and it’s a VERY reliable indicator of the overall trend. Unless a big up spike happens soon to reverse it, very likely we continue down.”
Bitcoin to hit $20k in 2019
A recent prediction claims that despite the crash, BTC will definitely reach $20,000 by the end of this year.
During a recent interview with lifestyle publication The Independent, Oliver Isaacs who is an industry analyst explained that Bitcoin has the “potential to hit $25,000 by the end of 2019 or early 2020.”
It seems that a “rally to $25,000 by the end of 2019 would see BTC rally by 224% in six months’ time”.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.