Bitcoin May Recover Further in the Coming Days
Over the past few days, Bitcoin experienced poor performance as its price plunged to $3800 on March 12th. However, the bulls started to rally the next day slightly, when the BTC price rose to $5000 and further managed to hit a high of $5900 as traders picked up the pace.
Many crypto analysts, however, believe that Bitcoin will recover in the coming days.
Top Analysts’ and Crypto traders’ Views on Bitcoin Prices
Flib Flib, a very experienced crypto trader, anticipated recovery for BTC in a blog post published to his Telegram channel. He pointed out that BTC’s short-term chart formed a typical Adam and Eve bottom, which is usually a good pointer that a bottom is developing, and a subsequent reversal will happen soon.
Flib also suggested that another good indicator of recovering prices is that the funding rate on BitMEX reached a ridiculously high level for shorts, indicating that the market is leaning very short, which usually occurs near bottoms.
On the other hand, Nunya Bizniz, a crypto trader, concluded that $3800 might turn out to be the best entry points. Another cryptocurrency trader, AngeloBTC, famous for topping BitMEX’s leadership, still stands by his prediction that the Bitcoin price will reach a new all-time high of $30 000.
The Crypto Dog, a trader, shared his bullish stance, tweeting that BTC is powerful enough to try and break above $6,000. Another trader, Bitcoin Jack, believes that Bitcoin is ready to ascend in the coming days, based on this price and time balance analysis.
Additionally, a Netherlands-based analyst, Michael van de Poppe summarised the current market situation for Bitcoin. He said that had turned the $5200 level into support, Bitcoin is preparing to test range highs at $5600 to $5700 soon.