Bitcoin price targets $ 7,600 with an opportunity to reach $ 8,900 after that

On Thursday, April 2, Bitcoin hit $ 7,082, giving the market hope for the possibility of further price increases. However, BTC fell back to $ 6,779 afterwards.

Since the price has recovered to $ 6,996 at the time of writing, the traders who are betting will surpass $ 7,600 and argue that it could reach $ 8,900 after that.

'Target is $ 7,600'

According to trader George, hourly candles as well as 4 hours close strongly and now he is targeting $ 7,600.

“I was long at the dip this. Hourly and 4h play strong, neutralizing the area average, target 7.6K ”.

However, he later tweeted $ 6,800 which is important until now. Unless BTC falls below that level, the price can retest the annual open level in the $ 7,200 zone.

George said if BTC breaks below the $ 6,600 zone, the bulls will be in trouble.

"Plan mine. The middle line is orange very important for now. As long as this level is kept, I think BTC will retest level open every year. Break below it and I will track area green. Breaking under the green the bull is done imo.

Let's see! ”

'Retest a double peak resistance at $ 6,990'

Nik Patel is a trader and author of ‘An Altcoin Trader’s Handbook’ that he shortened BTC when he reached $ 6,960. Now, he predicts ‘digital gold’ will drop to $ 5,820.

“Short BTC at 6,960 dollars, stop at 7,410 dollars and search 5,820 dollars. Right now, it seems to be the retest of resistance of the double peak in 6,990 dollars after swing-failure those highs and being rejected at level open every year. ”

'Towards $ 8,500 - $ 8,900 after defeating $ 7,175'

Technical analyst and trader Nicola Duke Crown expects Bitcoin to surpass $ 7,175 today and then head towards a much higher $ 8,500 - $ 8,900.

“7,175 dollars is the level to BTC defeat today - deal on it will for see 8,500-8,900 dollars”.

Who bought Bitcoin now?

The notion of supply and demand indicates that changes in supply will affect prices. Too much of one asset class in the market will cause prices to fall, while scarcity will mean higher prices.

By design, Bitcoin is forced to adjust the release rate after every 210,000 blocks (about 4 years). During the halving period, the amount of new Bitcoin added to the circulating supply in each block will be halved. This May we have a 3rd halving and miners who mine each block will only receive 6.25 BTC.

Due to the halving effect on the supply and the way the event occurred before the first big price increases in the first two, most of the industry was inclined to the bulls, even after the sudden drop in prices. However, the important thing about the relationship between supply and demand is that all other things need to be balanced to tighten supply and push prices up.

On the basis of traditional market analysts predicting further recession before recovering from the impact of Corona virus, there is no doubt that demand remains balanced. Dutch multinational bank ING noted a sharp decline in European market sentiment, with concerns about unemployment and reluctance to buy. US consumer confidence is similarly declining now:

“Confidence of American consumers in 2 last week dropped the most. "

Due to the Corona virus, businesses around the world remain closed until further notice and the majority of the global population is complying with social isolation measures. Millions of people have been laid off globally and millions of others will surely fear the same thing. In these cases, it is difficult to imagine large flows of capital flowing into the Bitcoin market.

Jason Williams of Morgan Creek is one of those who believe that Bitcoin prices are falling before halving.

“Uncommon opinion: BTC price will drop from halving ”.

Light at the end of the tunnel?

Much of the cryptocurrency industry is honoring the infinite quantitative easing measures launched by central banks around the world for trillions of dollars. Certainly, the large scale printing published by the Federal Reserve will make Bitcoin scarce assets more attractive to the public as a hedge.

However, thinking that people suddenly refuse the dollar at a time of great crisis seems unrealistic. Almost every aspect of modern life in the United States needs US dollars in recent weeks. People are more concerned about their immediate situation than investing in speculative products. They need food and shelter to survive the day. With such a situation, it seems that the allocation of money to Bitcoin will not appear in many people's minds.

Like ING and other analysts, Williams doesn't expect the current recession to last forever. Morgan Creek partners really think Bitcoin price is heading to an all-time high this year.

“The world is trading Bitcoin 24 hours a day. 7 days a week.

The new ATH will gain in September of this year IMO ”.

In the tweet above, Williams predicted that the price of Bitcoin would rise to more than $ 20,000 in the months after halving.

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to AZCoin News

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