Traders on what's next for Bitcoin: 'We blow up or collapse to $5600'

04 Jun, 2019
by Jelmer van der Dussen
Trading
Traders on what's next for Bitcoin: 'We blow up or collapse to $5600'

Traders are expecting Bitcoin to drop further following the BTC pullback from $8500 to levels below $8K. $7000 or even $6000 might be coming before we finally see 5 digits again for Bitcoin.

The drop of Bitcoin could have been initiated by a Coinbase whale who transferred $25,000 BTC in and out of the exchange right before and after the pump, and makde a profit of $15 million along the way. Traders are now looking at what's next for Bitcoin, and momentum seems bearish.

Trader Luke Martin, @VentureCoinist, noticed that this is one of the first times that the retest is breaking in the 2 month uptrend Bitcoin has been in. 'Want to wait and let the dip continue to unwind before looking for that next swing', Martin said following the Bitcoin drop.

According to @CryptoCred, BTC needs to 'reclaim $8200' before he enters back in. The trader is looking at important resistance levels at $7250, $6465 and $6182 if Bitcoin continues to drop.

Josh Rager is expecting Bitcoin to test the support around $7700 following BTC's bearish daily close below $8200. 'Expect short term relief followed by another down push to retest support', Rager says.

Trader Nick Cote is also expecting Bitcoin to drop further, with support levels laying around $7400, $7200 and $6400. A bounce would bring Bitcoin back to $8300.

The Crypto Dog thinks Bitcoin will explore the 7000 level again before trying again to break $9000, as it did earlier this week.

Other traders are a bit less pessimistic. Trader Armin Van Bitcoin calls the BTC reversal to $8400 'in the next 3 days'. 'After that, we either blow up or collapse to $5600', he says.

DonAlt says that altcoins might be outperforming Bitcoin in this downturn. 'If you're long onlu, this might be the time to look at alts', the trader says. 'I think they're going to do far better than BTC will during this downturn.' DonAlt continues by saing that 'this isn't an enter all alt markets Tweet, I'll wait for BTCs next move, see how altcoins respond to it and if they look good then, I'll pick some up.'

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Read more about: Bitcoin (BTC)

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