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Bitcoin Primed to Bounce as $16,000 Level Holds Multiple Times

PARIS, FRANCE - APRIL 03: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed on April 03, 2019 in Paris, France. Bitcoin is an electronic money that has seen an incredible increase in 2017, its price has reached 20,000 euros. But, while cryptocurrency has been trading for some months around 3200 to 3500 euros, it has risen to 5000 euros since yesterday. According to one analyst, this move would be linked to a single buyer who would have passed a colossal order to make up the course. (Photo by Chesnot/Getty Images)

Bitcoin has undergone a slight drop since the $16,400 highs. Though analysts think that the cryptocurrency remains bullish as the $16,000 support level holds.

Bitcoin Could Move Back Toward the Highs as $16,000 Holds

Analysts think that Bitcoin could move back toward the local highs as it holds $16,000 with precision. Sharing the chart below, one trader said recently:

“$BTC looks ready to test at least $16.2k Multiple wicks into previous resistance is reminding me of the weekly retest at $10k.” 

Image

Chart of BTC's price action over the past few weeks with an analysis by crypto trader HornHairs (@CryptoHornHairs on Twitter).
Source: BTCUSD from TradingView.com

Other analysts have expressed this optimism about Bitcoin.

Referencing a chart, the same trader that predicted Bitcoin would see a V-shaped reversal during March’s recently said the following, sharing a chart indicating that the cryptocurrency could rocket to $17,000 or even beyond that:

“Breakout, retest, strong volume sweep down, retraced the entire volume zone and more. More dump would surprise me. Breakout trading time, above red. 15-15.3 would be an ideal place to bid.”

Image

Chart of BTC's price action over the past few months with an analysis by crypto trader Bitcoin jack (@BTC_JackSparrow on Twitter). 
Source: BTCUSD from TradingView.com

Long-Term Trends Positive

The long-term trends for Bitcoin remain positive despite whatever uncertainty there is in the extremely short term. Tyler Winklevoss, CEO of Gemini and a Bitcoin billionaire recently said:

“I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

Winklevoss thinks that Bitcoin could hit $500,000 in this market cycle due to BTC passing gold.

“Bitcoin has already made significant ground on gold — going from whitepaper to over $200 billion in market capitalization in under a decade. Today, the market capitalization of above-ground gold is conservatively $9 trillion. If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45. Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.”

This is in line with a sentiment shared by many other respected investors in the space.

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