Bitcoin price is hot, with analysts enrolling their opinions regarding future movements. Let’s take a look at them: will BTC reach $12,000 or will it fall?
Market analyst JC O’Hara from the MKM Partners considers Bitcoin as the asset exiting bear trend zone. Bulls will lead the asset directly to 12,000 price level, according to what JC said on “Trading Nation” by America’s largest financial news network CNBC.
About two months ago, the trader was thinking that the Bitcoin price won’t be jumping like today. The consolidation phase seems to be over. Now, the positive moment and the market situation can push the price up, making Bitcoin reach 12K with ease. Per O’Hara:
“We broke out of the downward sloping trend channel. We’re breaking above the $10,000 psychological level, and we’re of the opinion that positive momentum will continue to follow positive momentum. So that’s why we think in the short term we could see $12,000 on bitcoin”
Another hot prediction comes from Tom Lee of Fundstrat, who has recently pointed out that Bitcoin will reach $40,000 faster than Dow will reach the same highs.
Other Experts Predict Harsh Fall for Bitcoin Price
Bitcoin almost reached the desired level of $10,500, however, the major bear took the trend down slicing off a significant $400 from the Bitcoin price. However, the Bitcoin got its power back, reaching 10,270 in about several hours. The next target is obvious for the bulls, but they can’t feel too safe with their plans.
According to the DonAlt trader, who was behind the successful bullish price prediction this January, Bitcoin is preparing for a bearish rollback to a horrific $7,500 level.
I’m going on vacation, took this before leaving.
Won’t be able to micro-manage because I’ll be in the middle of nowhere.
See you guys in a bit. pic.twitter.com/5vuUuHu85L
— DonAlt (@CryptoDonAlt) February 12, 2020
The trader was pretty sure about his previous prediction. Now, he claims the grand reversal is coming, close to no reason not to consider his words.
Also, the crypto trader Josh Rager considers that the 44 percent rally of Bitcoin since the year’s beginning may end now. All because he starts receiving the DM’s from other traders. In them, people keep asking the specialist about altcoins and the Bitcoin possible moves. He claims that every time he starts receiving a ton of such DM’s, the Bitcoin price then goes down:
I’m getting random DMs and emails about buying altcoins and Bitcoin right now
The last time I got this many DMs was over $13k at the top
It’s typically a clear indicator for me that it’s getting close for a pullback after two months of green
I’m securing gains/taking profits
— Josh Rager 📈 (@Josh_Rager) February 12, 2020
As you may see for yourself, the trader has decided to secure the profits and not test fate. Per the trader, the altcoins have been gathering 300% to 800% in ROI in recent months. The mainstream media talks well about Bitcoin, and he received e-mails asking when to buy the altcoins. All these are ”clear signs” of the incoming price fall, per the trader.
“I’ve been in this game long enough to know the signs of potential pullbacks,” Josh said to one of Twitter skeptics.
Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.