- Bitcoin (BTC) would soon experience a major price rally – Nunay Bizniz
- Some traders believe the short-term trend of Bitcoin would be bearish
- Bitcoin price might plunge by 30 percent in the short-term.
Bitcoin News Today – Bitcoin (BTC) has been trading within a close range over the past month. BTC to USD price has been moving up and down the $10k range. As such, digital asset investors and traders are looking to chart the upcoming short-term path. According to Nunya Bizniz, if the previous patter of Bitcoin holds, then the world’s largest digital currency is set for a massive price rally. Nunya Bizniz is a digital currency writer and analyst with more than 4,700 followers on Twitter.
Nunay Bizniz Believes the Pattern of Bitcoin Indicates Major Impending Rally
Bizniz said that in the past, when BTC has three or more negative weekly candles in the midst of an overall bull run, the price of BTC soon starts to surge.
Occasions where Bitcoin had 3+ consecutive negative weeks within a bull trend. pic.twitter.com/tthihB64Rf
— Nunya Bizniz (@Pladizow) September 3, 2019
According to another analyst – Kiril Nikolaev – the BTC pattern holds as far back as 2013. On the other hand, analyst Josh Rager said that if Bitcoin (BTC) price can break over the $12,000 range, it would be on track to test its 2019 highs. Rager said:
“Bitcoin (BTC) is currently facing a monthly resistance of $10,760. To break that trend and surge higher, we want to see the price of Bitcoin break the last level at $11,983. This is the last major supply and demand area in 2019 and can assume for the price to retest yearly highs after a close above.”
Some Traders Do Not Believe in a Positive Short-Term Outlook for Bitcoin (BTC)
It appears that not all crypto traders and analysts are feeling confident that the price of Bitcoin (BTC) will recover in the short-term. According to Bitcoin Jack, Bitcoin (BTC) is heading for a major pullback. Bitcoin Jack is an analyst at Bravado Trading with more than 10,000 followers. The crypto analyst believes that Bitcoin (BTC) is locked in a descending triangle.
In additional Elliot Wave analysis, the price of Bitcoin (BTC) is heading for the $7,400 mark. Elliot Wave predicts the future price action of a digital currency by identifying crowd psychology that manifests in waves.
Bitcoin (BTC) Could Soon Plunge by 30 Percent
A crypto trader il Capo of Crypto recently released a post that shows the price action of gold in 2012 and 2013 and the price of action of Bitcoin from June to date. According to the trader, Bitcoin is doing exactly what gold did in 2012 and 2013. He said that if the whole fractal plays out, BTC to USD would soon plunge below the $9,500 support level. It would drop to the $7,200 range, which is a decrease of about 30 percent.
So if this finally plays out, the bottom should be 61.8% of the entire move ($7200-7500), then some kind of consolidation, and $16-24k in June 2020 (Bitcoin halving) pic.twitter.com/ybfyH55jO0
— il Capo Of Crypto (@CryptoCapo_) September 5, 2019