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Bitcoin Price May Dump to $6,940 Briefly: Crypto Trader Assumes

The Bitcoin price has remained in the $7,300 range for a long while now. After it has failed to break through the resistance level at $7,700, many now expect Bitcoin price to slide below the $7,000 area.

‘A possible slide towards $6,940 support’

A crypto trader @livercoin reckons that the Bitcoin price is likely to below the $7,000 level soon after it fills a small gap on the chart later today. The bearish target the trader expects BTC to hit is $6,940 due to two almost equal deep swing lows.

BTC price

Image via Twitter

In the comment thread, a user has shared a view that after this brief decline, the Bitcoin price would surge towards the $8,800 – $9,100 levels.

‘Awkwardly bullish for me’

Another trader, who calls himself @CryptoMaestro, seems to be more optimistic and bullish. He reckons that the Bitcoin price is likely to spike and test the $7,800 level next week.

He points out that at $7,800 Bitcoin may face a horizontal resistance level which is hard to break through, so a rejection is likely. However, he draws a positive scenario on the chart.


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BTC dominance rises

On its Twitter page, the major Huobi crypto exchange spreads the word that the dominance of Bitcoin over the market has risen and now totals 68.2 percent, which is good news since the market capitalization of Bitcoin is growing against the total market cap figure related of altcoins.

BTC dominance

Image via Twitter

‘When BTC skyrockets after the halving, nobody will be holding it’

A prominent Bitcoin analyst Jacob Canfield describes a ‘cute’ situation that could rise around Bitcoin after the halving takes place in May. He assumes that many so strongly believe that the halving is priced in by miners that no one reckons the BTC price is going to skyrocket after the halvening and therefore, few people will be holding it by then.

The only people who will be holding Bitcoin and, therefore, will benefit, Canfield assumes, will be ‘smart money’ because it will be them who would have convinced the others that the halving is priced in.

Several major forecasts, however, say that by the end of 2020 or by early 2023, the Bitcoin price is going to surge significantly and hit if not $1 mln, then at least BTC may cost around $250,000.

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