Bitcoin went up to $10,000 — will it continue to grow? What do analysts think about this?

Bitcoin price will drop to $6,000

According to BitcoinWanga, one of the most respected cryptanalysts in the CIS-countries. He thinks that BTC price has hit the upper boundary of the giant triangle and will drop to $ 6,000 within the next 1–3 months. 200-period moving average is near this level, which is the main support for BTC/USD.

The analyst notes that the diagonal ends in the range of $ 10,000–11,000, the decline is also indicated by dropping trading volumes and “numerous bearish divergences” on the oscillators.

“The trend will remains lbullish long-term as long as the price is above the weekly MA 200,” BitcoinWanga adds.

A similar opinion is shared by Wall Street trader Ton Vays, who stands by his previous forecast. According to him, BTC will drop to $ 4,000 before the halving in May.

Tom Lee: I expect to see BTC reach as high as $40,000

Tom Lee, Fundstrat co-founder, raises the stakes. He said that already this year bitcoin will reach $40,000 “for starters”.

The cryptocurrency price will be boosted by the the Chinese coronavirus epidemic, geopolitical tensions, as well as the halving of the mining reward.

“A lot of good things have happened with bitcoin this year: halvening, breaking above the 200-day moving average, the corona risk — so back in a bull market…So, I think Bitcoin could rally very strongly from here,” — Lee said.

He also added that in 2019 “Washington killed the Bitcoin rally but with the elections it’s sort of not in the purview of Washington.”

Bitcoin price grows on phantom money

That’s what Bitfinex’s best trader, Joe007, thinks. According to him, the January growth of BTC is not backed by real investments.

The large orders that appeared on the exchange, were speculative and only created the illusion of supply and demand. With their help, manipulators provoked market participants to buy bitcoin, the trader points out.

“You can push the price so high only with the help of “phantom money”. At some point, people will want to cash out their crazy incomes, but they will not be able to find someone to sell the asset to. It will be a show, ” Joe007 tweeted.

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