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The Bitcoin price saw quite the bout of volatility on Wednesday.
Early in the morning, Bitcoin (BTC) tanked, falling as low as $6,450 in a strong move lower, before rebounding to the upside.
By the end of the day on Wednesday, the BTC price had rallied as high as $7,400, surging by over 10% from its local bottom in the $6,400s on the back of seeming short covers and long-term investors buying the Crypto dip.
Although it may be too early to tell whether or not this is a fully-fledged macro reversal, one prominent trader, who called the drop in November to the $6,000s, suggests that (BTC) Bitcoin has a good likelihood of reaching $20,000 by as early as March, 2020.
Bitcoin’s latest bounce higher has infused bulls with a fresh dose of hope, culminating in positive analyses that imply BTC’s reversal rally is just starting.
One such analysis was posted by Velvet, a popular cryptocurrency trader.
They noted that “this week[‘s close]” for BTC is “very important,” noting that the key thing Bitcoin will need to do by Sunday’s close is “holding the” trend line.
For reference, the trend line in question, which always ended up in bear markets when BTC crossed below it, currently sits in the high-$6,000s, which BTC is currently above.
If Bitcoin rides that level, Velvet remarked that Bitcoin “could see $20,000 by March,” referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market.
In other Bitcoin news today:
BTC stuns bears, soaring $800 back over $7,000 to fill Futures ‘Gap’.
Earlier in the day, veteran commodities trader Peter Brandt tweeted a logarithmic chart of Bitcoin’s long term price action and wrote:
Bitcoin has apparently held at important support.
A number of other traders also pinpointed the importance of Bitcoin price remaining above this support and today’s strong upside move is sure to have relieved worried investors, at least for the time being.
Interestingly, the rebound to $7,235 also filled the CME gap from Dec. 14-15, a phenomenon that has become increasingly common for BTC/USD this year.
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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.