- Bitcoin (BTC) price will surge even higher in the coming weeks, option traders
- BTC is likely to trade in the $10,000 and $12,000 range soon, Rob Sluymer
- Bitcoin is showing signs of a possible downtrend
Bitcoin News Today – Bitcoin (BTC) has been enjoying a swift ride from the bulls over the past couple of days. Since the digital currency tested the low of $9,100 earlier this week, it has amassed enough gains, breaking through the $9,100 mark to a recent high of $9,850. This has been a pretty impressive move, surging by more than 7 percent.
Interestingly, data suggests that digital currency traders are presently expecting the price of Bitcoin to surge even higher in the coming weeks. However, no one knows if the bulls are going to continue pushing prices or the bears will take over.
Bitcoin (BTC) Price Today – BTC / USD
Option Traders Say Bitcoin Will Continue to Surge Higher
According to a recent observation by Su Zhu of Three Arrows Capital, digital currency traders are aggressively skewed for the Feb. 14 contract expiry, suggesting that the “options market massive upsurges in the next 7 days.”
Aggressive skew for next Fri 14feb (Valentine's day) expiry, the options mkt is expecting big moves up the next 7days https://t.co/iK1IOBfoeG
— Su Zhu (@zhusu) February 7, 2020
Investors and analysts all over the board agree with this supercilious sentiment, pointing to an array of positive price trends over the past couple of days to back their thought that the digital currency would soon surge even higher than it already has.
An analyst at Fundstrat Global Advisors (a New York-based research firm) – Rob Sluymer recently pointed out that Bitcoin (BTC) is likely to trade in the $10k to $12k range soon, 2 percent and 12 percent higher than the current price, respectively. Regarding what would pioneer the increase, Sluymer pointed to the fact that BTC usually retraces 50 to 62 percent of large moves, citing the 50 to 62 percent retracement range of the bear trend that pushed the price of Bitcoin from $14k to $6,400. In a statement, he said:
“Bitcoin appears to be in a textbook re-acceleration. [The pullback from $11,000 is likely to be shallow], then followed by resuming its longer-term uptrend into year-end.”
Bitcoin Is Showing Signs of Downtrend
While many analysts and investors are bullish on BTC, the digital currency is showing some signs that a downtrend is possible. The TD Sequential indicator is forming a 13 candle on the daily chart. This is notable, as it printed such candles in December 2017 when the price of BTC hit $20k, when Bitcoin plunged to $3,150 on Dec. 14, 2018, when BTC topped out at $14k in June last year, and the recent plunge to $6,400 in December last year.
#BITCOIN update. Recommending selling long today and go neutral. Maybe a little early with pending DeMark Sequential Countdown 13. Up 52% from buy recommendation in December when there were DeMark buy Countdown 13's cc @DTAPCAP @RaoulGMI @MarkYusko @APompliano pic.twitter.com/m0D9wpjOSm
— Thomas Thornton (@TommyThornton) February 7, 2020
Mayne – a popular digital currency analyst on Twitter – recently said that he expects the price of Bitcoin to plunge by more than $1k, which implies BTC could drop to the $8k level.