Short Term BTC Price Prediction: Why Bitcoin’s Price Could Bounce Back
- Top analysts and crypto traders predict that BTC prices will “squeeze up” very soon
- Most predictions point to prices BTC is preparing to test range highs at $5,600-$5,700 soon
- Advice on what crypto traders should do in the short term amidst a volatile market
Bitcoin has been performing very poorly over the past few days, with the price of the crypto plunging to as low as $3,800 on March 12th. Luckily, bulls began to rally the next day slightly, when BTC prices rose back to the $5,000 and managed to hit a high of $5,900 as traders eventually began to pick up the pace.
Although this price marks a remarkable surge from the March 12th lows, many crypto analysts and experienced traders believe that BTC is set to recover even further in the coming days.
A Look At Investment Advice From Top Analysts
Filb Filb, a very experienced crypto trader who accurately called all of Q4 of 2019’s BTC action and the subsequent recovery into 2020 recently, anticipated recovery for BTC in a blog post published to his Telegram channel.
Filb Filb pointed to BTC’s short-term chart having formed a typical Adam and Eve bottom, which is usually a good pointer that a bottom is forming, and a subsequent reversal will soon occur.
He also suggested that another good indicator of recovering prices is that the funding rate on BitMEX has reached a ridiculously high level for shorts, indicating that the market is leaning very short. This is usually seen near bottoms.
It isn’t only Filb Filb who is optimistic about Bitcoin, with trader Nunya Bizniz also concluding that $3,800 may turn out to have been one of the best entry points.
Meanwhile, prominent cryptocurrency trader AngeloBTC who is famous for topping BitMEX’s leaderboard still stands by his prediction that the Bitcoin price is going to reach a new all-time high of $30,000.
So What To Do Now?
The flagship cryptocurrency has been trading in the mid-$5,000 area in Tuesday trading after dipping to the $4,900 zone on Monday.
Despite the remaining stock market turmoil and the situation with the coronavirus getting worse around the globe, crypto traders are now showing the first signs of optimism regarding Bitcoin.
In fact, Trader ‘The Crypto Dog’ shared his bullish stance, tweeting that Bitcoin is powerful enough to try and break above $6,000.
Another trader ‘Bitcoin Jack’ believes that Bitcoin is ready to start ascending in the coming days, based on this price and time balance analysis.
Meanwhile, Netherlands-based analyst, Michael van de Poppe is also bullish. He summarized the current market situation for Bitcoin, saying that, having turned the $5,200 level into support, BTC is preparing to test range highs at $5,600-$5,700 soon.
Despite the insane volatility witnessed in the crypto markets last week, it seems unlikely that this really is the beginning of the end of cryptocurrency. The best strategy, for now, would be to buy the dip, as BTC prices are predicted to start squeezing up in the near future.
Featured image courtesy of Shutterstock. Source: Cryptopress.