The usual price trend exhibited by Bitcoin, the largest digital currency by market capitalization, has called for tons of mixed opinions. To be factual, the BTC price swing is not unusual when considering its historical trend.
This could have prompted a popular and experienced analyst by name Crypto BitLord to recently insinuate that Bitcoin should be back to $9,000 soon, claiming that BTC price has no reason to go lower, while another famous analyst, Mayne speaks otherwise.
Crypto Bitlord Says Bitcoin Has No Reason to Go Lower
Crypto Bitlord recently shared his opinion regarding the possible price movement of Bitcoin. The price trend of BTC is obviously not encouraging, but the crypto analyst remains psychologically positive about its next move.
In a reaction, Bitlord said, “Realistically, we should be back to 9k this week Bitcoin has no reason to go lower”.
Mayne has Contrary Opinion
In another development within the same time range, a cryptocurrency analyst identified on Twitter as Mayne pointed his opinion regarding the price trend of Bitcoin. He has a contrary opinion to Crypto Bitlord’s bullish opinion.
In the tweet, Mayne pointed out that the present BTC price trend resembles the downtrend that brought the digital currency to $3,000 bottom in 2018.
He furthered that his previous prediction that Bitcoin price will tank price has been realized, pointing out that BTC would experience more deficits below $8,300 price level.
He said, “Remember how the $3k bottom formed on BTC? A big pump that retraced making lower highs and lower lows, right into support, everyone bearish shorting every rally. Feel like we’re doing the same thing now IMO. First set of bids hit, still have open bids at $8300 and $8150.”
Round-Up of Bitcoin’s Recent Price Trend
The upgrowth reluctance in the price of Bitcoin has lingered for so long, making it a norm already in the cryptocurrency sphere.
A couple of days ago, BTC made a parabolic run to break above $9,500 resistance level from around $8,000 price region in a jiffy, after the Chinese government officially revealed its interest in Blockchain technology and increased efforts to launch the digital form of the country’s fiat currency, Yuan.
Back then, Bitcoin later retested 5-digit price level but was unable to maintain the momentum, and the price of BTC fell below $8,000, due to the strong forces of the bears on the digital currency.
Many cryptocurrency analysts have consistently envisaged the impact of the upcoming Bitcoin halving on the digital currency. The much-awaited event is scheduled to occur by May 2020.
What played out during and after the last two Bitcoin halving is enhancing the assurance of some crypto analysts that BTC price is set for a parabolic movement. Contrarily, some crypto pundits believe that May 2020 Bitcoin halving could fail to impact the price of BTC as popularly expected.
The price of Bitcoin still hovers around $8,400 with little or no indication of significant increase anytime soon. At price time, BTC is trading at $8,539.27, with about 2% price downtrend in the last 24 hours.