u.today
After its 40 percent price crash, Bitcoin (BTC) remains on the ropes, with some prominent traders in the likes of Peter Brandt predicting that it might even plunge below $1,000.
Still, even despite massive liquidations, there are still some bulls left in Cryptoville. Case in point: trader Satoshi Flipper who has seemingly flipped bullish on Bitcoin after the recent U-turn.
Bears are getting played
Both permabulls and permabears fall into the same trap -- they can’t get enough. Even when BTC is trading at a 50 percent discount from just one month ago, some investors still want lower prices to increase their holdings.
Satoshi Flipper is convinced that there is no way the BTC price is going below $3,000 since it has already bottomed. At press time, it is trading at $5,247 on the Bitstamp exchange.
Few months ago, if you were told $BTC would be $5k today, you'd have mortgaged your house and sold the kids.
— Satoshi Flipper (@SatoshiFlipper) March 15, 2020
But now that $5k is here, everyone's like oh hell no I'm not buying now Flip, you crazy, it's definitely going sub $3k.
You getting played, the bottom is most likely in.
As reported by U.Today, Bitcoin reached its 2020 low at the $3,800 level after collapsing by 52 percent within 24 hours.
Bulls are fools
According to cryptocurrency analyst SilkTrader, those who believe that the worst has already happened are simply ‘fools.’ The trader expects the flagship cryptocurrency to drop 40 percent more to fill the CME gap at $3,100.
With the CME gap at 3.1K, I am still bearish on #Bitcoin!
— SinkTrader (@SinkTrader) March 15, 2020
We will be dropping another 40% from the current range!
Don’t listen to fools telling you to buy in now, we haven’t even come close to bottoming out yet! pic.twitter.com/SBfa1bI9nB
In the meantime, Michael van de Poppe thinks that it’s possible for BTC to surge to $6,100 after holding above the $5,100 level.
Well, Bitcoin held the $5,000 level for support and is still range-bound.
— Crypto Michaël (@CryptoMichNL) March 15, 2020
I assume we could have a liquidity test around $6,100 from here.
All I know as well, next week is going to be a rollercoaster.
And I hope governments make decisions in a strict and fast way.$BTC