Bitcoin (BTC) Price Bullish Trend Still Valid: Trader

News
Fri, 06/12/2020 - 14:34
Vladislav Sopov
While Bitcoin (BTC) slowly recovers from its painful 8.6% price drop after its latest attempt to break into five-digit zones, traders are guessing its next move
Cover image via stock.adobe.com
Contents

Anonymous trader and analyst Jack Sparrow (@BTC_JackSparrow) has posted an update of his short-term prediction of Bitcoin (BTC) price dynamics. Despite things not looking splendid for bulls, they shouldn't surrender, the analyst says.

Seeking shorts? No conditions have been met!

Mr. Jack Sparrow updates his charts daily, adjusting the predictions according to up-to-date price trend swings. One week ago shortly after the 'Bart Simpson' fake rally above $10,000, he warned that bulls should avoid being engulfed by bears as the price returned to the $9,500 level.

Image via Twitter

This prediction has come true: bears failed to gain control over the Bitcoin (BTC) price but applied increased pressure on it. That led to the next stage of the correction. At press time, Bitcoin (BTC) is trading above $9,500 on major spot exchanges.

As Mr. Jack Sparrow analyzes the one-day timeframes, the current one is green. So, he believes that Bitcoin (BTC) traders should neither close their longs nor start seeking shorts.

Image via Twitter

The U.Today Crypto News team once again reminds you that we highly recommend treating the predictions of anonymous traders with extreme caution. Always do your own research or contact a certified investment analyst.

Bullish trend still in power

Seasoned trader and analyst Michael van de Poppe believes in a similar evaluation for the mid-term trend for the Ethereum (ETH) price. He highlighted that dangerous waters for Ethereum (ETH) bulls start only between $210 and $220.

Otherwise, the Ethereum (ETH) price is just finishing its correction before another explosive upmove to new yearly highs above $300.

However, prominent cryptocurrency expert Tone Vays isn't so optimistic about Bitcoin's (BTC) mid-term future.

As covered by U.Today, Mr. Vays, a vocal Bitcoin (BTC) maximalist won't be surprised if the flagship cryptocurrency revisits $7,000 this summer.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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