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The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, has been ranging between $8,600 and $10,500 since the Bitcoin halving.
During the two-months’ sideways action, the market started to heat up and altcoins entered the spotlight.
Additionally, traders and investors are constantly debating whether BTC price is still in bull or bear territory.
Let’s take a closer look at both scenarios. The bullish scenario for Bitcoin The bullish scenario has a few crucial points.
First of all, the support at $8,900-9,000 has to hold.
If this support is lost, BTC/USD will likely drop below $8,550-8,750 into bearish territory.
Second, the key resistance at $9,300 has to break for a potential rally toward $9,650.
Since this level is untested, it would be the first pivot point for more upside.
This previous resistance of $9,300 has to flip for support for a move higher.
However, as long as the price of Bitcoin remains below $10,500, it’s expected that the volume of the move will be small.
A big breakout would occur if the resistance zone of $10,000-10,500 is finally conquered as many triggers would be hit.
It wouldn’t be a surprise to see a quick rise within a few hours to the next major resistance zone at $11,600.
The bearish scenario for Bitcoin The bearish scenario is also heavily dependent on the $9,300 level.
If that level rejects again, a retest of support at $8,800-8,900 should be expected and the weaker this support will become, increasing the chances for more downside.
With $9,300 holding as resistance, a retest of $8,800-8,900 would likely result in another drop.
Going below the $8,600 level could also see a high-volume drop because this means that the range of the past two months would be lost.
If the price of Bitcoin drops below $8,600, I’m expecting a fast drop towards $7,400-7,700 without many opportunities for shorts.
Holding the current support and the 1-day support levels would mean that the market is still in great shape.
In other trending Bitcoin News today:
Prominent Bitcoin Whale Predicts Mass Altcoin Extinction Ahead of Next BTC Rally
A prominent Bitcoin whale who made a name for himself by ranking at the top of the Bitfinex trading leaderboard says he believes a massive altcoin purge will happen before the next BTC leg up.
In a new tweet, trader Joe007 says the altseason predicted by many is not on the horizon.
“My view is that shitcoin mass extinction event will likely precede next Bitcoin rally. Make of it what you will.”
The crypto strategist is also bearish on the king cryptocurrency in the short term.
He’s predicting a massive shakeout that rivals the coronavirus-induced sell-off in March.
“A lot of people are expecting a downleg, yes. But the question is – are they prepared to buy into a real dump, like a repeat of early March – or worse?”
Despite his short-term outlook on BTC, Joe says he remains a long-term bull on the dominant cryptocurrency. “If I thought BTC would go to zero, why would I accumulate it and keep net long position at all times?… Bitcoin market is a relentless tug of war between actors who want to use Bitcoin to accumulate fiat profits and actors who want to use fiat (or fiat-substitutes) to accumulate more BTC.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.