Bitcoin Investors May Soon Have “Massive Opportunity” as BTC Targets $4,200

Bitcoin has been able to continue climbing higher today, with the ongoing rebound in the equities market allowing Bitcoin to further extend the momentum that was first incurred last week when the cryptocurrency rallied from the lower $5,000 region to highs of $6,900.
The benchmark cryptocurrency is now attempting to re-test these highs, although it remains unclear as to whether or not bulls will be strong enough to propel it past this level.
One prominent analyst is noting that although he is highly bullish on Bitcoin in the long-term, he does believe that it will target the lower-$4,000 region before it is able to garner any notable buying pressure.
Bitcoin Rallies Towards $7,000 as Analysts Eye Imminent Rejection
At the time of writing, Bitcoin is trading up over 5% at its current price of $6,560, which marks a notable climb from daily lows of roughly $6,000 that were set just prior to its latest rally.
This uptrend has allowed the crypto to once again test the heavy resistance it has within the upper-$6,000 region, with the crypto facing a slight rejection at this level that has led it to decline slightly.
In the near-term, analysts seem to believe that BTC’s inability to break above this key resistance could be a dire sign for it in the near-term.
UB – another popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes Bitcoin is poised to see a “rug pull” that could lead it significantly lower in the near-term.
“BTC – Triple Raid of stops. High for the day is in imo. This is setup for a rug pull. It’ll be worth watching the reaction after taking the lows at ~$6,150. I may close my short depending on what happens there. Failure to SFP the lows and I have my eyes on $5.9k,” he explained.

Here’s Why Bitcoin’s Bullish Monthly Close Isn’t Enough to Thwart a Massive Selloff
Wednesday April 01, 2020

Following Bitcoin’s bout of consolidation within the mid-$6,000 region, the benchmark cryptocurrency has seen a slight decline that has led it down towards the support that has been established around $6,000. This decline today...

The post Here’s Why Bitcoin’s Bullish Monthly Close Isn’t Enough to Thwart a Massive Selloff appeared first on 12bitplay - Bitcoin Play.

$BTC – Triple Raid of stops. High for the day is in imo. This is setup for a rug pull.
It'll be worth watching the reaction after taking the lows at ~$6,150. I may close my short depending on what happens there.
Failure to SFP the lows and I have my eyes on $5.9k. #Bitcoin pic.twitter.com/NI4uPjgkdy
— UB (@CryptoUB) March 24, 2020

Ripple (XRP) Turned ‘Sell’ On Rallies: Key Resistance Levels To Watch
Monday March 30, 2020

Ripple is down close to 5% and it broke the key $0.1680 support zone against the US Dollar. XRP price is currently correcting higher, but it is likely to face hurdles near $0.1700. Ripple...

The post Ripple (XRP) Turned ‘Sell’ On Rallies: Key Resistance Levels To Watch appeared first on 12bitplay - Bitcoin Play.

BTC May Not See Any Significant Bullishness Until It Reaches This Level
Crypto Michaël, another well-respected cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin may test $4,200 before it is able to find enough support to spark the next notable bull run.
“Short term; We might be seeing high volatility and might be testing the levels at $4,200 or $4,800. Long term; I can’t be more bullish on crypto and commodities, knowing what measures are taken everywhere. These low levels are just massive opportunities. In my opinion,” he explained.

This Key Metric Suggests the Crypto Market’s Downturn Will Be Shortlived
Monday March 30, 2020

If you’ve been on Crypto Twitter at all over the past few months, you’ve likely noticed multiple tweets like the one seen below; stablecoin companies, from Tether to Circle and Paxos, are issuing tens...

The post This Key Metric Suggests the Crypto Market’s Downturn Will Be Shortlived appeared first on 12bitplay - Bitcoin Play.

Short term; We might be seeing high volatility and might be testing the levels at $4,200 or $4,800.
Long term; I can't be more bullish on crypto and commodities, knowing what measures are taken everywhere.
These low levels are just massive opportunities.
In my opinion.$BTC
— Crypto Michaël (@CryptoMichNL) March 24, 2020

If Bitcoin is unable to break through the resistance it faces within the upper-$6,000 region, it is highly likely that it will see significantly further downside, although its mid-to-long term outlook is incredibly bright from a price-perspective.
Featured image from Shutterstock.

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