Analyst: Bitcoin price could fall to $ 4,200- $ 4,400 before hitting a bottom

The market ruptured, Bitcoin fell to $ 3,800

Bitcoin (BTC) has just recovered significantly when it soared nearly 20% in a day to break the $ 6,000 mark, but an analyst was still concerned.

In the latest update on his Twitter, famous trader Crypto Michaël said that the price of BTC could rise to about $ 6,200 - $ 6,400 before falling to $ 4,200. That scenario may occur before we see the bottom, he added.

“The market is bouncing up slightly, this also gives space for altcoins to have a relief rally. However, suppose we will witness a forced protest of up to $ 6,100- $ 6,400 for BTC, while providing space for altcoin. After that, I think it will retest $ 4,200- $ 4,400 before we can discuss a bottom. ”

Bitcoin recovered but traders remained cautious

Currently, a group of cryptocurrency communities is still cautious. After the collapse of 50% since the peak in February 2020, BTC traders and the investment community are apprehensive and most are cautious when considering.

However, amid fears, BTC seems to have broken out of the abyss of the bear market.

The king coin has skyrocketed to over $ 6,000 and it is important that the volume continues to rise higher.

Bitcoin 24 hour price chart. According to: CoinStats
Bitcoin 24 hour price chart. According to: CoinStats

According to the tracking tools, the trading volume of BTC increased nearly 20% at the end of the trading day to 32.3 billion USD.

Tether (USDT) continues to print money

However, there seems to be some impetus behind the move to "print" more USDT from Tether. As Toiyeubitcoin reported, up to 180 USDT has been pumped into the market in the past 48 hours.

History has proved that there is a positive correlation between Bitcoin price action and USDT volume.

Because of this correlation, there have been many complaints about intentional market manipulation, and early last year, Tether Limited - the USDT stablecoin issuer, was summoned by the New York Attorney General's Office (NYAG). .

Maybe you are interested:

Join our channel to stay up to date on the most useful news and knowledge at:

According to CoinGape
Translated by ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

Post a Comment

Previous Post Next Post

Đọc nhiều trong tuần

10 Grands Sites de modèles PowerPoint gratuit
10 Grands Sites de modèles PowerPoint gratuit

PowerPoint est toujours le roi quand il vient à un logiciel de présentation. Il a été autour depuis des siècles et chaque nouvelle version ajoute plus de fonctionnalités et rend …

17 best home jobs in 2020
17 best home jobs in 2020

Earning Money blog access_time April 13, 2020 hourglass_empty 28 least Read Finding work from home is easier thanks to high technology. Not only suitable for tho…

How much RAM is the iPhone 12 Pro?
How much RAM is the iPhone 12 Pro?

The RAM of the iPhone 12 Pro is up to 6GB.
Based on information in the latest Xcode beta from Hiraku, it can be said that both of Apple's new iPhone 12 Pro models have 6GB of R…


JavaScript is a programming language of HTML and WEB. It is lightweight and most commonly used as part of web pages, but their implementation allows Client-Side scripts to interac…