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After just one day of surging above $10,000, Bitcoin is again trading below that level as another correction is taking place.
Major crypto traders are satisfied that it is not dropping deeper. Some expect this retracement to be over soon.
‘Whales are just playing with your emotions’
Crypto trader Josh Rager believes that the important price level for BTC to cross is $9,800 – the flagship crypto needs to break it and hold above it on high time frames. If that happens, he says, he may turn bullish for the short term.
Until BTC breaks this level, he says, it’s just whales manipulating traders' emotions.
Break and hold $9800 on high time frames and I'll turn short term bullish
— Josh Rager 📈 (@Josh_Rager) February 21, 2020
Until then, whales are just playing with your emotions#Bitcoin
‘Holding $9,400-9,450 is great’
Dutch analyst Michael van de Poppe is happy with Bitcoin holding above the $9,400-$9,450 level. Dumping below that would lead BTC down to $8,750 and possibly lower, he suggests.
However, the analyst points out that Google Trends shows an upward BTC trend at the moment ahead of the Bitcoin halving.
“Still unchanged in my view. Could be that we've got a period of calm movements, as we might have found a support here.
Overall, holding $9,400-9,450 is great. Losing it -> $8,750.
Google trends are showing an upward trend too. :)”
Crypto trader @George1Trader is also positive on BTC, expecting it to reach $9,850 after a small dip.
Pullbacks can’t be avoided: CZ
The chief of Binance, Changpeng Zhao, believes that pullbacks on the crypto market, especially when it comes to Bitcoin, are inevitable. The reason is mass psychology, he says. The good thing CZ sees in this is that pullbacks allow establishing support and they also cut off all those who do not really believe in Bitcoin.
I don’t like it. But it happens due to mass psychology, can’t be avoided. It’s also necessary to establish support level, and shake out non-true-believers. https://t.co/jbwxnAPljO
— CZ Binance 🔶🔶🔶 (@cz_binance) February 21, 2020