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Bitcoin (BTC) Price Targets $5,500 Before Bullish Reversal

Bitcoin

u.today 02 April 2020 04:30, UTC
  
Reading time: ~3 m

At press time, Bitcoin is trading in the $6,300 zone, showing a slight decrease over the past twenty-four hours. Earlier today, the BTC price rose to the $6,410 level. However, until the flagship currency flips the $6,900 level, traders remain bearish.

‘Peter Schiff lacks imagination and tech background’

Analyst PlanB has posted a tweet about the Bitcoin halving expected in forty-two days, saying what is likely to happen to BTC miners and the scarcity of Bitcoin after it.

#Bitcoin halving .. 1 month to go 🚀
1) miner flow will halve from 1800 to 900 btc/day
2) scarcity (stock-to-flow) will double from 27 to 54 yrs pic.twitter.com/e15AoslgKg

— PlanB (@100trillionUSD) April 1, 2020

When answering a question in the comment thread about Peter Schiff, PlanB stated that with all due respect, this gold bug Peter Schiff 'lacks imagination and tech background’.

As per the analyst, this prevents Schiff from appreciating Bitcoin’s digital scarcity.

“I am an old gold bug and respect Peter Schiff. However, IMO Peter lacks imagination & tech background to appreciate open source, cryptography and bitcoin's invention of digital scarcity. He likes gold being physical & useful (e.g. jewelry), I don't think that is important at all.”

However, in light of the recent cash printing by the Fed Reserve, for some crypto lovers Bitcoin remains valuable even due to the fact that it exists.

“I would be so much more pessimistic about the current state of the world if it was not for #bitcoin. That's the power of hard money and low time preference.”

Short-term BTC price prediction

Trader ‘George’ believes that after Bitcoin has shown a monthly bullish close, it will decline before reversing above the current price level. He names $5,500 as the first goal for the decline.

$BTC

Monthly closed bullish, but I think we see some downside first before heading higher. First target for our shorts around 5.5k.

Went more in depth in our discord.

Cheers. pic.twitter.com/dJztUElw9U

— George (@George1Trader) April 1, 2020

Analyst ‘Crypto Michael’ is still bearish on BTC while it remains under the $6,900 level. Now, the CME gap is closed and BTC was rejected at the $6,600 support level. Right now, the analyst tweeted, the price is  moving slightly downwards. Still, in the next four to six years he is extremely bullish.

$BTC #BITCOIN

Well, CME gap closed, rejection at the previous support at $6,600 and we're moving slightly down.

Still mainly range-bound, hence the low volume levels on the markets.

Still remaining bearish sub $6,900.

Long term (next 4-6 years) extremely bullish on $BTC. pic.twitter.com/S9NThvtVJ1

— Crypto Michaël (@CryptoMichNL) April 1, 2020

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