Analyst: Bitcoin price must break resistance, otherwise price could fall by 60%

  • The Bitcoin price continues to move in a narrow price range between $8,900 and $9,450 and shows low volatility.
  • Analysts expect a large price movement of up to 60% price change as Bitcoin has not shown a clear trend for several weeks.

Bitcoin continues to trend sideways and is unable to break out of the narrow trend channel between $8,900 and $9,450. At the time of writing, the Bitcoin price is up 0.55% to a price of $9,251.78. The market capitalization is still just under $170 billion and thus shows little change in the last few days.

Prominent analyst and Blockroot founder Josh Rager said on Twitter that Bitcoin must close above the $9,441 mark on the daily chart to start a new uptrend. However, he points out that BTC is not sending out any clear signals at the moment, so traders need to be extra vigilant. Due to the low volatility and lack of purchasing power of new investors, Bitcoin is preparing for an enormous price movement that could follow in the next few days, in his opinion. This could be followed by a price movement of up to 60%:

$BTC volatility this low has historically led to major price action between 30% to 60% movement in the following weeks From current price: 30% move to the upside is $12,200 30% move to the downside is $6,500

“Big Chonis Trading” states that Bitcoin has risen strongly in the 5-year chart since the low in 2019 to just under $2,500 to date, but is biting its teeth at the strong resistance along the $9,500 mark. According to the analyst, Bitcoin must close above this important mark on the weekly chart, otherwise a price move to the next support level of $7,000 is most likely.

Meanwhile Bitcoin Trader “The Wolf Of All Streets” advised his followers to focus on Altcoins like Monero, Ripple or Ethereum as Bitcoin does not show any significant price movements. Within the last 5 days Bitcoin has fluctuated $247 in price, showing that no new buyers are entering the market at the moment.

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Trading legend and Bitcoin sceptic Peter Schiff explains on Twitter that Bitcoin is still in a bear market and the bulls are losing the upper hand. In his opinion, Bitcoin will fall below the local March low of USD 3,700 in the coming days and weeks, continuing the current bear market.

Within the top 20 crypto currencies, Chainlink, Tezos, Cardano and VeChain are the biggest winners. Chainlink increases by 13.99% to a price of $8.11, Tezos by 9.61% to $2.94, Cardano by 6.28% to $0.13 and VeChain by 6.60% to $0.0189.

Max Keiser: Rise in Bitcoin Hashrate indicates imminent collapse of the financial system

Multiple millionaire Max Keiser is known for his bullish price predictions for Bitcoin and sees the collapse of the current financial system on the horizon. In his opinion, the rising hashrate of Bitcoin and the stagnating price point to a clear undervaluation of BTC, so he expects a strong upward movement:

Hashrate precedes price. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing. Soon, BTC will actually be drawing energy away from fiat.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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