Bitcoin price has had a lot of lows and highs this year. In March, the price fell to $3700 and many investors were worried that their investment was in vain. Panic befell the market, as some thought there would be more bad news in coming weeks.
One analyst even claimed that according to the charts, there was a huge likelihood that the price of the cryptocurrency woulkd crash further to under $1000. Such a crash would have marked a more than 70% correction.
However, an optimistic trader, hours after the cryptocurrency had hit the $3700 low, argued that the price of Bitcoin would experience a V-shaped reversal and recover incurred losses. At the time, this prediction was not what many people had, hence some did not entirely believe it was possible. Not in the short-term though. However, the trader was right, as the cryptocurrency has rallied back to its pre-crash levels just six weeks ago, in what has been a very dramatic way.
Price Increase Prediction For July
The same analyst has said that he is “still long.” The trader and analyst who go by the name Ethereum Jack (@BTC_JackSparrow) on twitter stated in a tweet that with or without a final rally, it seems that the remainder of the summer will be for correction. There were two possibilities for BTC in July; it would either rocket like May 2019 or sell-off to the $6000 range throughout the summer.
The trader noted the possibility of Bitcoin hitting $17000 in the months ahead, which would mark a 85% rally on the crypto from its recent prices. According to the trader’s chart if BTC rockets in the coming months, the correction will not be as deep as there will be more support for the crypto. This will reduce the number of investor panic selling, as more will be hodling, waiting for higher prices.
Ethereum Jack, the analyst also suggested that if the current BTC rally got to $10500, the correction would be at $6400 while, if the rally got to $17000, then the correction would be at $1100. He is not the only one who has suggested the crypto would drop back to $6400 in the coming months. Back in 2019, a trader predicted that BTC would fall to the same $6400 months before it happened. He recently claimed a likelihood of BTC dropping back to the $6000s before hitting a long-term rally.
However, there are other reports that indicate a higher chance for a bearish scenario and not a correction. Some factors that support these reports include; BTC is currently trading below its local point of control, more selling volume than buying volume that will force prices lower, and BTC has formed a rounded top after peaking at $10400 which is the same pattern experienced before it dropped to $3700 earlier this year.
Image courtesy of Pixabay
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