Bitcoin (BTC) is rocked on all sides, jerks that seem to be sparing the price of BTC. We have better visibility as to Bitcoin’s behavior in the very short term: we can only thank this analyst who shares his forecasts with us every weekend.
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Between stability, strength and risk of falling
Bitcoin is still above $ 10,700 as of today, September 26, 2020, the market is very low volatile. The BTC remains stable despite the hack at 150 million Kucoin to date.
Expiration of $ 1 billion in options BTC nor did it shake up the markets, as they are still in a state of uncertainty.
This stability, despite the current turbulence in the environment, is a positive sign for Bitcoin. A potential drop to $ 9,600 would come as no surprise, however.
Indeed, the gap in futures CME at $ 9,600 has not always been matched yet; this level has not yet been tested since the BTC rose above USD 10,000 at the end of July 2020.
The $ 10,400 to watch
Michael van de Poppe shared today on Cointelegraph, its scenarios for Bitcoin. His analyzes are based on a 4-hour graph of Bitcoin, they therefore highlight very short-term forecasts.
Whether for the bullish or bearish scenario, van de Poppe expects to drop to $ 10,400, especially if the BTC can’t cross the $ 10,800.
The 10,400 USD must be defended to ensure a revival of the BTC. In both scenarios, then expect a higher.
From a bullish perspective, Bitcoin should then break the 10,800 USD, then the 11,100 USD – 11,300 USD; such a rise would allow the BTC to peak in the $ 12,000 – $ 12,400 area.
The bearish scenario would occur if the $ 10,550 does not break, leading to a bearish momentum that could bring the BTC up to the $ 9,600 level.
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There are still 2 resistances to overcome for Bitcoin before the 12,000 USD: Michael van de Poppe’s forecasts are to be compared with the exogenous factors which will favor one of the scenarios detailed previously. Bitcoin has demonstrated its stability, but further jerks could still end up having 6 digits. Bulls certainly don’t say no to outside help.
Litecoin, welcome in the Silver Age