Crypto analyst Crypto Michael expects Bitcoin to test support levels below $ 5,000 shortly before returning to the 6,000 area.
After Bitcoin lost almost 50 percent in a day last week and visited the $ 4,800 region, it has reached levels of $ 5,000 and has been fluctuating ever since. While writing this news, BTC was trading at $ 5,184 according to CoinMarketCap.
Meanwhile, a crypto analyst stated that the leader cryptocurrency is expected to drop below $ 5k again and then expect to test higher levels if everything goes well. Dutch analyst Michael van de Poppe (Crypto Michael) tweeted another Bitcoin forecast. According to the analyst, Bitcoin is stuck in a range and may soon fall to $ 4 thousand 800-4 thousand 950. This, according to him, is something that must happen before BTC can test $ 6,000. However, he also says that a possible drop scenario could lower the price of BTC by $ 3,750.
Bitcoin itself, still stuck in a range here.
Should be seeing some sideways movements quite soon, retesting $ 4,800-4,950, before a liquidity tap to the upside.
If we hit $ 6,000-6,400, I’d be looking for shorts.
Losing $ 4,800 -> Likely testing $ 3,750. pic.twitter.com/rvyf6tppld
– Crypto Michaël (@CryptoMichNL) March 18, 2020
Another analyst and trader George points out that Bitcoin has fallen below most of the promising levels for bullish movements in the short term.
Short. Broke below most of the key levels we had to hold for any bullishness. Clean invalidation above the weekly / daily open, and a good RR. Let’s see. pic.twitter.com/sb3ergmtx2
– George (@ George1Trader) March 18, 2020
Trader Protixder from TradingView expects Bitcoin to fall below the $ 5,000 area.
Bitcoin Spot Volume At The Highest Of All Time
The good news is that the current Bitcoin spot volume has reached its all-time high – the screenshot of Bitstamp was shared by Twitter user ‘CL’.
Bitcoin Spot Volume is at ATH.
(Uploaded the wrong chart in the previous * now deleted * tweet) pic.twitter.com/ij5tn056 that
– CL (@ CL207) March 18, 2020
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