Short-Term Bitcoin Price Predictions: BTC May Go Down to $ 5,500 Before the Bull Run

Investors believe that BTC will lose value before the bull run by sharing short-term Bitcoin price forecasts.

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Bitcoin Price Downtrend

At the time of writing, Bitcoin is trading at the $ 6,275 level and has shown a slight decline in the past twenty-four hours. Earlier today, BTC price rose to $ 6,410. However, traders think that the downward trend will continue until the leading cryptocurrency exceeds the $ 6,900 level.

Analyst PlanB tweeted about the expected Bitcoin half in forty-two days and shared its predictions about BTC miners and Bitcoin supply. In answering a question in the comment series about Peter Schiff, PlanB stated that Peter Schiff, known as the golden beetle, is ‘lacking imagination and technology background’. According to the analyst, this straight look prevents Schiff from appreciating the limited supply of Bitcoin.

the #Bitco halving .. 1 month to go ?
1) miner flow will halve from 1800 to 900 btc / day
2) scarcity (stock-to-flow) will double from 27 to 54 yrs pic.twitter.com/e15aoslgkg
– PlanB (@ 100trillionUSD) April 1, 2020

However, the recent cash supply by Fed Reserve makes the Bitcoin asset more valuable to some crypto lovers.

I would be so much more pessimistic about the current state of the world if it was not for the #bitco. That’s the power of hard money and low time preference.
– Dr. Bitcoin, M.D. (@Drbitcoinmd) March 31, 2020

Short Term Bitcoin Price Forecast

Cryptocurrency analyst George believes that Bitcoin will decrease before it exceeds the current price level. The analyst stated that the first target of the decline would be $ 5,500, and said that Bitcoin could start a bull run later.

$ BTC
Monthly closed bullish, but I think we see some downside first before heading higher. First target for our shorts around 5.5k.
Went more in depth in our discord.
Cheers. the pic.twitter.com/djztuelw9
– George (@ George1Trader) April 1, 2020

Crypto Michaël, another popular cryptocurrency analyst, believes that Bitcoin will fall below $ 6,000 in the short term. Analyst said that the CME deficit was closed and the BTC was rejected at the $ 6,600 level. For this reason, analyst said that there will be a further decrease in BTC price, and that in the long term, Bitcoin will rise.

$ BTC the #BITCO
Well, CME gap closed, rejection at the previous support at $ 6,600 and we’re moving slightly down.
Still mainly range-bound, hence the low volume levels on the markets.
Still remaining bearish sub $ 6,900.
Long term (next 4-6 years) extremely bullish on $ BTC. pic.twitter.com/s9nthvtvj1
– Crypto Michaël (@CryptoMichNL) April 1, 2020