Wednesday, February 19, 2020

Analysts Opine Bitcoin Might Retrace to $9K in the Short Term

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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

Bitcoin, the leading cryptocurrency surged to a year-to-date high of $10,129 on February 9, 2020. However, analysts have opined that the virtual asset might trade lower in the short term – and that could be as low as $9000 to $9,300. However, they believe that the top cryptocurrency is bullish in the long run.

Bitcoin Records New High for the Year 

Bitcoin recently created a recent high after it surged to $10,129 for the first time in 2020.  The last time the crypto asset traded around the $10,000 zone is October 2019. As such, its recent spike made it a 4-month high. In line with that, the recent surge was a 41% increment in price since January 2020.

On the other hand, Bitcoin is now priced around the $9,800 zone and analysts believe it may trade even lower. Crypto Michaël, for instance, outlined that Bitcoin might retrace and trade between the $9000 to $9,300 levels. Also, the virtual asset might maintain a calm movement and enter a re-accumulation stage.

Crypto Michaël further remarked that nothing goes in a straight line. Also, the surge to $10,000 did not receive “substantial support.” Hence, he expects this accumulation to occur before the asset visits its next resistance. According to the analyst, the next resistance is around $11,000 and $12,000.

Analyst Says Bitcoin Might Dip to $9,300

$alaheddine Bouhmidi, another analyst also throws in his comments. According to the crypto enthusiast, Bitcoin might retrace to $9,300 since the first set of sellers have taken profit from the market. These sellers are also waiting for a good opportunity to buy in again, and may as well drive the price lower first. Nonetheless, the analyst was quick to note that Bitcoin is still bullish in the long run.

In the long run, Anthony Pompliano, co-founder & partner at Morgan Creek Digital remarked that Bitcoin can visit $100,000 by December 2021. Similarly, Arthur Hayes, Co-Founder & CEO of BitMEX also opined that Bitcoin can potentially surge to $20,000 this year. If these predictions play out, then it means one has to be more focused on the price of this asset in the long run.

Fundamentals Show Bitcoin Can Surge to New Highs

On the other hand, there are sentiments that Bitcoin can visit new highs this year. The latter can be tied to the expected Bitcoin halving in just three months from now. A high demand of crypto assets is recorded of recent due to economic, political, and health crises in various countries.

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