Famous Trader Sets Route in Bitcoin: First $ 5,000 and Then $ 200,000!
This would mean a huge increase of 2.088% from the current levels. However, according to a trader, Bitcoin will drop to about $ 5,000 before it can see $ 200K in a big move.
TraderXO: Bitcoin could rise beyond $ 200,000
Analysts closely monitor the cryptocurrency market and how it continues to evolve. Famous analyst TraderXO shared his opinion on how Bitcoin could move from the current price to $ 200,000 in the coming years. The main reason behind this analysis is that Bitcoin is now in a big and multi-year re-accumulation after the bull market, which reached $ 20,000 in 2017. TraderXO said:
BITCOIN MACRO IS IN THE RE-ACCUMULATION STAGE…
The re-accumulation period may continue despite the analyst’s bullish feelings. According to Trader, the ldier cryptocurrency could move towards $ 5,000 in the coming weeks before starting a new bull market. According to TraderXO, Bitcoin, which has been traded in a wedge in recent months, may be a natural price action.
Famous trader: Bitcoin may move towards $ 5,000 in the coming weeks
Falling to $ 5,000 will indicate a nearly 45% retreat from current levels and a 50% retreat from the highest levels recently close to $ 10,500. It is worth noting that if the BTC moves to higher levels, Bitcoin may experience a false break from the wedge , according to Trader . This means that Bitcoin will move towards the $ 200,000 region, according to TraderXO.
But according to the analyst, we can test the top of the wedge to see if Bitcoin once again slips to current levels or will go higher. For investors who are ready to enter the market, a false break can be devastating. Therefore, according to the analyst, many investors should wait for the trend to be approved before trading for long and short positions. At the time of writing this article, Bitcoin is trading around $ 9,170 and its market value is $ 169 billion. In the past 24 hours, the leading cryptocurrency has continued to trade at the same price.