Bears Vs Bulls: Bitcoin to $10,000? or $6,000?

29 May, 2019 | Updated: 29 May, 2019
by Will Heasman
Analysis
Bears Vs Bulls: Bitcoin to $10,000? or $6,000?

Over the past few days Bitcoin has been stubbornly hovering around $8700 and its proving to be a stable level for the #1, however, for now all we’re seeing is sideways action. So will bitcoin continue to rally? Here are the bull and bear cases…

Bitcoin is currently trading around 8659, citing an inconsequential 24-hour loss of 0.62%

BTC/USD Chart provided by Tradingview

Bulls:

The bullish take on Bitcoin (BTC) today seems to be fairly lacking today, however, those with a positive outlook on BTC are extremely bullish, auguring an imminent push upwards…

Our first bull, Eric Choe, suggested that Bitcoin could be on the cusp of a new bull cycle provided it holds the Fibonacci level of 0.618 …

Our second Bull, Lisa N Edwards simply noted BTC bouncing off new found support around $8400. The very same support that once provided stubborn resistance. Edwards gives a price projection of $9,444:

Bears:

As mentioned the bears are out in full force today, with a few believing that nasty pullback could be in sight.

The first bearish outlook comes from analyst DonAlt who spins a potential dip to a positive light by planning to buy the around $6,4k, or $7.3k;

Another bear, known as Mr Chief was apparently sick of all the “moonboys” and turned decidedly bearish, offering a chart which depicted the top of bitcoin parabolic run in 2017, and comparing that to the current trend, alluding to a correction:

Altcoin Pycho appears to agree with Mr chief, suggesting that BTC has formed a rounded top, that it would need to break or face a potential dump.

A rounding top can indicate a reversal for any asset it graces.

On the fence

Sitting somewhere in between the bulls and bears, Josh Rager, admitted to taking some profit because of Bitcoins “meh” performance over the past few days. However, the analyst still remains bullish in his long term outlook:

Rager reiterated his bullish outlook in a response to a comment in which he suggested that even a fall to $8400 wouldn’t spell the end of BTC, adding that 9k could be on the agenda after a possible retrace:

Similarly, Chronis Trading provides both the bull and bear case, relaying that a previous supportive uptrend channel has now turned into resistance for BTC, adding that a break and close above this line would provide a catalyst for a rally, but that the opposite would end in a sizable leg down.

What do you think? Are you bullish or bearish on BTC today? Let us know your thoughts in the comments!

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