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Less Chance that Bitcoin Will Crash Towards $6K, Top Analyst Explains Why
Bitcoin opened 2020 with a bang, rising by as much as 32 percent in January as investors’ appetite for safe-haven assets grew. However, the price rally is now looking to fizzle.The VPVR ranges serving as a crucial support level for bitcoin | Source: Sunny DecreeSimilarly, the $7,239-support showed slightly lesser but yet higher trade activity, allowing Mr. Decree to rule the area between it and $7,957 a potential pullback range.“I would personally, strongly that bitcoin is going to bounce somewhere between the [said levels] to the upside,” he said, adding that it could push the price towards $10,500.The prediction left a lot of burden on VPVR to prove itself as a reliable tool. A quick search across TradingView.com showed that many leading traders have used the proprietary indicator to predict support/resistance based on high and low volumes zones/nodes.Further Fall for Bitcoin?Fractal analysts have a different say when it comes to predicting the next bounce back. They have long analyzed the cryptocurrency’s price behavior based on its historical performances. Renowned trader Haejin, for instance, sees a lot of similarity between bitcoin’s current downside actions and the ones noted during the 2018’s crypto winter.https://t.co/JhMTlE2zA1: Bitcoin Deja vu?Here is a Members only chart: Note the Inverse H&S on both fractals.Also the three wave ABC price constructs
The downward price channel
The upward wedge
Potential Capitulation VolumeAll within 4 months? Hmmm. pic.twitter.com/hXNN53PI7B— Haejin (@Haejin_Crypto) January 17, 2020The analyst thinks bitcoin would not only fall towards $6,000 but would extend its plunge to as low as $3,300.Bulls, on the other hand, have ‘Halving‘ as a contradictory historical indicator to refute Haeijin’s bearish prediction. They believe the supply shock alone could send bitcoin back to its glorious all-time high of $20,000.
Author: Yashu Gola
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