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    Popular Trader Sees Bitcoin Heading to $5,000 After the Bearish Ambush

    • Bitcoin went down hard from $9,200 to $8,550, altcoins followed except for BSV & XTZ
    • If BTC reclaims $8,900-$9,000, $9.5 next or low $8k’s where bulls have to defend their interests
    • This week will be “very telling for the overall macro ‘trend’”

    After surging to $9,200, Bitcoin bears got rejected hard and dropped to $8,550. The first volatility spike of the year saw a lot of activity last week. Derivatives crypto exchange, Deribit reported, “$101,747,000 in a single 10-minute candle.” In a matter of five minutes, Binance also saw $108 million longs getting liquidated.

    However, this pullback after over a 30% surge in 2020 should be expected. What we need to keep an eye on now is the “market structure and the trend change,” points out investor and trader Josh Rager.

    According to him, the price would likely bounce at low $8ks and things would be fine as long as BTC price doesn't make its way down past $7,700.

    Currently, BTC/USD is trading at $8,569, while managing the daily trading volume less than a billion dollars on the top ten exchanges with real volume.

    In tandem with Bitcoin, altcoins fell hard too except for two top cryptos, Bitcoin SV (BSV) which is still up nearly 11% and Tezos (XTZ) which is also enjoying 10% gains.

    Source: Coin360

    This week will be “very telling for the overall macro ‘trend’”

    For now, $8,900-$9,000 is the key here, according to trader Credible Crypto. If BTC manages to reclaim it, $9,500 would be next but if we fail to do so, he sees bitcoin can revisit the range lows and head to low $8k’s.

    Now that Bitcoin had a lower rejection off the 200MA analyst Jacob Canfield says the question remains if this was to form a new low like from that of July 2018 or is it a dump before a massive breakout like in February 2018.

    This week will be “very telling for the overall macro ‘trend’,” concluded Canfield while sharing his analysis from earlier this month where he made a crazy but compelling case for BTC dumping to $4,888.

    After the Bearish ambush, Where to Next?

    Trader Majin is also looking for even more pain. He calls out for $5k’s.

    While Bitcoin’s upward movement in January made Crypto Twitter bullish, Majin has been bearish all along. Last week he noted, “finex is showing my strategic gap-buffer concept pretty well. I'm confident it rejects hard from here.” He has been saying,

    “Pa across 8keks is simply meant to shake bears out before heading back to 7 keks.” The rally fails to break through because he says this is “how capitulation of $6k liquidity void will occur to $5k volume node.”

    The area around $9,500 is the distribution zone after 40% jump and the area between $5,600 to $6,900 is the liquidity void. He explains how after rally collapses panic will take us through the void to $5k’s. Below the $5k volume node comes the 2019 breakaway gap which is the next demand zone of interest between $4000-$5,000.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$9,778.3285 change ~ 0.04%

    Coin Market Cap

    $178.2 Billion

    24 Hour Volume

    $6.79 Billion

    24 Hour VWAP

    $9.68 K

    24 Hour Change

    $4.2381

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    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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