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$8.5K Then $3K — This Trader’s Bitcoin Price Call Is Playing Out to a T


$8.5K Then $3K — This Trader’s Bitcoin Price Call Is Playing Out to a T

The Bitcoin price (BTC) has recovered strongly from $5,200 to $7,200 in the past two weeks, despite the declining appetite for high-risk assets including single-stocks and cryptocurrencies. One prominent trader predicted the entire price movement of Bitcoin since its initial drop from $10,500 to sub-$6,000, and in the medium-term, the digital asset’s trend remains gloomy.

The rationale behind a short-term rally to $8,500

PentarhUdi, a well known technical analyst and trader who has deftly predicted multiple Bitcoin market cycles in the past, initially estimated that Bitcoin price would plunge from $10,500 to $5,800 in the first week of February. On February 10, 2020, the trader explained that based on candlestick wicks, $10,500 was technically a lower low at a macro level and given that this level was a historically heavy resistance, a drop to $5,800 was highly probable. Read More...