Analyst believes Bitcoin price to retrace before $8500

The king of cryptocurrency Bitcoin BTC is enjoying a bullish raise. On 6th April, following the rebound above $7,000 level, Bitcoin has been holding in the $7,300 region confidently.

Whilst the traders seem to be displaying bullish behavior on Bitcoin’s future moves, however; few of them hope that it may go down first.

In 4-8 weeks, surging up to $8,540

The trader @MacnBTC presented his followers with a bullish Bitcoin price scenario that would come before a bearish move. The trader is anticipating a reverse at $7,450 to $7,650 level and would start moving back to $6,800 to $6,650.

However, the trader stated that in a couple of months, Bitcoin must fill the CME gap and then surge to $8,540 level.

 

Bitcoin price movement: What to expect?

Michael van de Poppe, an analyst, was expecting Bitcoin price to record a bearish divergence and began rising and targeting the price mark of $7,400 to $7,600. Moreover, he stated that in case Bitcoin drops below the $6,900 level, this could initiate a downward movement towards $5,800.

 

Previously, Michael van de Poppe tweeted that there has been a small drop here, however, not much significant has happened as of yet. It could be because there is going to be a test at the $6,900 area for a bounce.

While holding $6, 9000 will establish an opportunity for another run to $7300 to $7,500 for a bearish divergence. If $6,900 starts losing, then the journey towards $5,800 would be quite fast.

 

While another trader, George, is of the view if Bitcoin starts losing on the daily/yearly on the chart, prices will begin dropping much lower. However, he is expecting a bullish scenario also, and in that scenario, BTC would target the $7,600 region. His latest tweet explains the rise to high.

 

Bitcoin price is always very volatile and can sway in any direction at any given moment. We have witnessed flash crashed, and flash rises; therefore, cautious trading is advised.

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