The price of Bitcoin, the largest cryptocurrency by market capitalization, resurged a bit from the huge downtrend embarked upon, staying above $7,100 at press time. The unending downtrend has been quite perturbing for most traders and investors in the ecosystem despite optimistic forecasts from analysts.
Bitcoin now trades above $7,000 resistance. However, a crypto analyst and partner at Adaptive Capital, Willy Woo, believes BTC could test new lows if it fails to break above $8,300 resistance level. Michael Novogratz of Galaxy Digital corroborated his prediction with a similar forecast.
Willy Woo Believes Bitcoin Needs to Attain $8,300
Top cryptocurrency analysts continue to share their views regarding Bitcoin’s price trend. Willy Woo, a partner at Adaptive Capital has also aired his opinion concerning the possible fate of BTC in terms of price trend.
His opinion came in response to another popular crypto analyst, PlanB, who resolutely claimed that Bitcoin will end 2019 at a price above $10,000 resistance, charging the crypto traders and investors to seize the advantage of these price lows to accumulate.
PlanB said, “Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+…opportunities like this (bitcoin below S2F model value, 6 months before the halving) are rare.”
In response to the above tweet, Willy Woo shared a bit contradictory opinion, pointing to the price Bitcoin must attain before December 2019, if not, BTC price will end the year in new lows.
He concluded by averring that the coming year will be good for BTC, pinpointing his interests to accumulate cheaper digital currencies.
He said, “We’d need to close above 8300 by the end of the month (4 more days), or we’ll likely have a bearish December to test new lows. 2020 will be a good year, I almost want it to go lower to collect cheaper coins.”
Michael Novogratz Opinion about Bitcoin (BTC) Price
In corroboration with Willy Woo’s assertion, respected cryptocurrency enthusiast Michael Novogratz of Galaxy Digital said Bitcoin needs to recover soon.
In his opinion, Mike averred that Bitcoin chart needs to recover 7,500 in the next two days.
He said failure to achieve this feat could end BTC in $6,000 to $7,400 price range. He then concluded that his wish for Bitcoin is to end the year at a price above $10,000 resistance level.
$BTC chart needs to recover 7500 in next two days or we will be in a 6k-7400 range which would be less than pleasant. $BTC still up 95% on the year to keep perspective, but man, I liked it better above 10k😂.
— Michael Novogratz (@novogratz) November 25, 2019
Bitcoin (BTC) Market Situation
Bitcoin (BTC) has made little recovery. Almost all the top 20 digital currencies in the market are seemingly in a recovery phase at press time.
Any price recovery experienced by Bitcoin right now may not really count, due to the height attained by the digital currency before nosediving.
At the time of filing this report, BTC is trading at $7,201.99, with 6.65% price upsurge in the last 24 hours.