Bitcoin Price Prediction: BTC Is Targeting Higher Prices
The crypto market looks bloody today as well, just like the day before. All the coins are trading in the red and struggling to recover following the recent BTC fall in price.
BTC is reportedly targeting higher prices
Crypto analyst Scott Melker of Texas West Capital said that he just acquired more BTC, and he believes that the coin is now targeting much higher prices.
He also said that he’s really cautious:
“Straightforward for me at the moment – I want to see BTC hold these two support lines. The horizontal one is from the inverse head and shoulders that everyone was watching…” he stated.
He continued and claimed, “I don’t think [Bitcoin] will be boring for long. I bought at $7330 and am looking for much higher prices.”
$BTC 4 Hour
Good news: price has technically broken both descending resistance lines on the 4 hour chart.
Bad news: Another hideous wick that looks an awful lot like a liquidity grab for shorters.
I am still in, but moving up my stops into profit. pic.twitter.com/lbF7wT2L8D
— The Wolf Of All Streets (@scottmelker) December 6, 2019
Tone Vays expects another downward move before the bulls
On the other hand, analyst Tone Vays expects one more big move to the downside before a renewed rally.
“I give [Bitcoin] approximately a 60% chance that we will go below $6,500 before we go above $10,000. It almost has to be before because if we got to $10,000, I would then give it maybe a 5% chance we will ever go to $6,500 again,” he said.
Vays continued and said that he is still anticipating a final low before the next BTC halving that’s set to take place in Amy, 2020.
He believes “that low will probably be higher than $3,000. But it is still possible that the low could be lower than $3,000. How high is that probability? No more than 20%, which is still quite large if you ask anyone in the crypto space.”
At the moment of writing this article, BTC is trading in the red and the most important coin in the market is priced at $7,175.11.
Despite the huge market volatility, there have been a lot of optimistic Bitcoin-related predictions lately.
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.