June 5, 2020 / Analytics

Where Does Bitcoin Move? The End Of Growth Or The Chance Remains

bitcoin

At the moment, the market is showing moderate growth. However, until recently we saw a major drop. In this article, we consider the price of BTC through the eyes of traders: could any of them predict such rapid growth and then an even stronger fall in Bitcoin.

Optimists

After Bitcoin suddenly rise above $ 10,000, the market caught a certain wave of optimism. So, Tone Vays joined the optimists, who found many factors indicating continued growth in the short term. He believed that Bitcoin could well break through resistance at $ 10,500 this week and begin to move to a new high of the price.

This view joined the optimists from the MMCrypto channel, which drew us a scenario of movement up to $ 14,000. He set the next target at $ 11,200. And then you can update the maximum of 2019 without any problems.

Realists

The camp joined Sunny Decree. He notes that the growth and exit from the global triangle, which has dragged on since December 2017, is an excellent indicator. But it’s possible to say that the market will only grow now after the formation of a higher maximum. Therefore, we should rise above $ 10,500. If this level persists, we can be sent for correction to the upper border of this triangle, if not down again.

And Sunny Decree showed one interesting thing. Bitcoin’s growth above $ 10,000 went against the movement of the stock market, in particular the S&P 500 index. We are breaking the correlation, which, in his opinion, is a good sign of the strength of cryptocurrency investors.

Alessio Rastani, who gained courage and returned to the topic of Bitcoin after a long break, talked about FOMO, which works wonders, and the more expensive Bitcoin, the stronger the syndrome of lost profit. He notes Elliott waves again, saying that in March a new cycle began, and we are now at the stage of completion of the first main wave.

According to Alessio, Bitcoin has to go up to $ 12,000, and then a correction would start in the direction of $ 10,000, on the second wave. But we took him to the realist camp in the sense that he talked about the need for correction.

And the most realist will be Tyler C. According to Tyler’s trend lines, Bitcoin is now repeating the situation since June 2019, when we almost broke out of the global downtrend line.

In his understanding, if we keep the range from $ 9,700 to $ 9,500 now, then the chances of a break-up remain and the bulls will make another attempt. If not, then you will have to take a walk down and return to the storm of the global downtrend when it drops, for example, to $ 8,000.

So far, it seems to us that the bulls have not completely exhausted themselves and can make another attempt to storm towards $ 10,000.

Also, a certain share of optimism is instilled by the situation in the stock market. It seems that the correlation of Bitcoin with the S&P 500 has not yet gone away, apart from one-time daily failures. Therefore, while Trump does not allow the stock market to fall, then Bitcoin is not threatened with a global drain.

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