Will Bitcoin Crash after incredible run?
Bitcoin ($BTC) has been performing really well recently with the price jumping up closer towards the $16000 mark. At the time of writing, Bitcoin is trading at $15,907 with a daily high of $15,973 edging ever so close to the psychological barrier of $16k. From the graph depicted by the popular Crypto site Coin Desk , traders decided to sell off their profits before the Crypto got above the previously mentioned price range. Experts seem to think that placing new Long orders at $16,000 is a risky trade and that was matched with $BTC/$USDT failing to close above that level that many Holders hoped it would.
With the bears trying their level best to move the value towards $15k, it seems like the bulls are winning this round with the value closer to their new target. However, with increasing demand for $BTC, it would mean that the price will be closer to $16,000 with hopes of continuing this positive run and testing the new resistance level. On the flip side, multiple analysts think that the price will fall soon and that this rise will be met by a very huge crash. An unpopular opinion, it is getting traction.
An anonymous trader operating under the alias of ‘Loma’ has made a prediction that even though $BTC is staying in an extended Bull Market right now, it will experience its first real crash. His prediction also states that that Bitcoin will go above $16,000 and reach upward to levels of $16,400 – $16,700. This is the stage that he predicts the crash will happen and BTC will face its major downside after a good timeframe of upwards trading. His quote is mentioned below;
“The new gameplan is we’re going to perform an elaborate upwards chop that rekts traders,” he explained. “Push it past the general consensus bullish target — say $16,400-16,700 — then we have our first real crash that reminds everyone the destructive nature of BTC even in a bull market.”Crypto Trader – Loma
Another financial analyst Tony Vays who uses the handle @tonevays tweeted out a similar sort of prediction assuming that Bitcoin would meet a downfall. The only difference was that he estimated Bitcoin to move towards $20,000 which would be its new all-time high beating the previous 19,665 set in 2017. Whether this comes true is also something to be debated about. However, there is a clear difference between long and short positions of bitcoin with the long bitcoin trades seeing more than 75% of the total list. A similar thing happened in March 2020 and resulted in the price falling down to $3,858.
As it stands now, $BTC is in a much better position than it was in March 2020 before the covid pandemic. Many investors are currently stockpiling Bitcoin to protect their portfolio and adoption rates are still going strong. The main question is whether these analysts are going to be correct in their predictions. What are your thoughts on this? Will Loma or Tony be correct? How high will $BTC go? Will we see a new ATH by Bitcoin? Keep a lookout for current Crypto prices on Tyslin Exchange. Share your opinions and ideas with us in the comments below and we would love to feature you on our platform. Stay Safe and Keep Trading!