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Bitcoin has recently shown a small recovery and is now holding its position in the mid $6,000 zone, despite some predicting that it may test its previous lows.
Traders are bullish overall, although some admit that a bearish scenario in the short term is more likely.
'Might have another spike towards $7,100 but…'
Analyst Michael van de Poppe, based in Amsterdam, is sharing his more bearish than bullish take on Twitter. He believes that Bitcoin may need another attempt at testing the $7,100 level. However, he rather expects the flagship currency to make a downturn and head back to $5,800-$5,600.
Trader ‘George’ is also bearish at the moment, tweeting that he expects a big red candle to appear soon to make BTC drop $700.
“Just a matter of time before we see a red $700 candle.”
$8,876 on the cards
Crypto trader ‘Bitcoin Jack’ has tweeted the most bullish take yet. He expects Bitcoin to gain over $2,000 and hit the $8,876 level, admitting that the prediction may sound a bit crazy to the community.
“The roast I'll get if I am wrong is going to be insane. Manage your own risk”
In the comment thread of the tweet, the trader added: ‘the books are ready for a big move’.
‘Fasten your seatbelts for the long run’
Prominent trader and investor ‘Crypto Rand’ reminded the community that in forty days, a major Bitcoin event will take place – the long-awaited halving. It is expected not only to cut the size of miner rewards in half but also to make some miners shut off their rigs and leave the business until new ones take their place.
Both factors, and especially the first one, will reduce the amount of BTC issued to the market and therefore make it more scarce.
‘Crypto Rand’ suggested that Bitcoin holders should fasten their seatbelts but not expect the situation to change immediately.