By Solomon Odunayo
A popular cryptocurrency analyst, trader, and investor, identified on Twitter as Credible Crypto has shared his opinion regarding the possible trend of Bitcoin (BTC) price, contrary to the opinions of some crypto pundits.
Bitcoin (BTC), the largest digital currency by market capitalization, has struggled to hold $7,000 support in the past few weeks.
This makes many to be of the opinion that Bitcoin (BTC) is highly correlated with the stock market trend, which questions the popular belief of BTC being a safe haven in times of crisis.
Recall that Bitcoin lost $9,000 support sometimes in March 2020. It was a devastating and historic price plummet, losing over 50% of its accumulated price within 24 hours to trade around $4,000 level. And it continued the downtrend, to surprisingly trade at $3,000 price region from relatively $9,200.
This Bitcoin (BTC) price scenario has made many crypto pundits, who believed that the digital currency can save the day whenever the world is facing a financial crisis, such as this one initiated by coronavirus pandemic.
Bitcoin (BTC) has been exhibiting the signs of a further downtrend in the past few days, which makes some crypto analysts call for more price dips.
Many people now wonder about what the upcoming Bitcoin Halving would bring if BTC fails to make a little increase at this moment.
Meanwhile, the digital currency has lost $7,000 support level once again. At the time of filing this report, BTC is trading at $6,892.06, with a 4.53% price plummet in the last 24 hours.
Credible Crypto Opines that Only the Loss of $6.4k Support Could Initiate $5.3k
A cryptocurrency analyst and trader, Credible Crypto has a contrary opinion to a general belief that says Bitcoin (BTC) price will see $5,300 again.
In one of his recent tweets with a captioned chart, he opined that BTC will not dip to $5,300 price level until it loses $6,400 support. He then added that the digital currency is liable to climb to $8,200, before considering a $5,300 price level.
He wrote, “Lot’s calling for 5.3K. Not yet imo. One more leg up to 7.8-8.2k THEN we can talk about 5.3k. Don’t even think about it until/unless 6.4k is lost, thats arguably the most significant level on the chart, and we are above it.”
Lot's calling for 5.3K. Not yet imo. One more leg up to 7.8-8.2k THEN we can talk about 5.3k. Don't even think about it until/unless 6.4k is lost, thats arguably the most significant level on the chart, and we are above it. $BTC pic.twitter.com/LezFJq3g3C
— CrediBULL Crypto (@CredibleCrypto) April 20, 2020