January 21, 2020

Bitcoin Price: The Trigger to Unlock New Highs Can Be $9,200 Level

Bitcoin Price: The New Factors to Open Surge Price Possibility

A multiple rise in the price of a coin will occur if its price overcomes the resistance of $9,200 and $14,200, according to an analyst Poppe and cryptocurrency trader Nebraskan Gooner. Otherwise, the cryptocurrency rate will enter a phase of long-term decline.

Bitcoin can go up to $75,000, wrote a trader and founder of LeveInvest, Nebraskan Gooner, on his Twitter account. He made such a conclusion, based on previous fluctuations in the rate of the first cryptocurrency.

The expert noted that every time the price of Bitcoin on the weekly chart turned out to be higher than the Fibonacci correction level of 0.65, the value of the coin went into a phase of parabolic growth. Thus, an asset rally will begin if its price rises above $14,200 by next week, Gooner is sure.

He also shared his opinion on the upcoming market move.

A more modest scenario was suggested by Michael van de Poppe, an analyst at the Amsterdam Stock Exchange. In his column on the Cointelegraph, he writes that Bitcoin will be able to rise in price to $10,000, and then to $11,000 if its rate rises above the resistance level of $9,200. Another obstacle to the growth in the value of the first cryptocurrency, Poppe called two Fibonacci correction levels, which correspond to the levels of $9340 and $9900.

The Bitcoin price reduction scenario was led by John Rager, an analyst, and founder of Bloсkroots trading service. According to him, shortly, the digital coin may become cheaper to the support level of $ 8000-8200. However, if its asset rate drops below $7,700, it will enter a phase of long-term decline, the expert said. Recently, Rager also suggested that the BTC price may hit the target between $75k and $85k.

Bitcoin Price: The Significant Drop is Also Possible

A possible collapse scenario of the Bitcoin exchange rate is also possible as it was expressed with confidence by the trader and founder of Signal Profits, Jacob Kenfield. In his opinion, the first cryptocurrency began to get cheaper when it met resistance at the level of $ 9000-9200, where the 200-day moving average takes place. Because of this, the price of a coin may fall first to $7000, and by July – to $5000, the expert predicted.

Currently, the main cryptocurrency is holding its price at $8,635 by losing 0.37% over the last 24 hours.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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