Bitcoin May Slide Towards $6,940 Soon

The Bitcoin price may decline to below the $7,000 level soon after it fills a small gap on the chart later today. It is expected to reach $6,940 due to two almost equal deep swing lows, u.today website reported, citing a crypto trader at Livercoin.

The BTC has remained in the $7,300 range for a long time. However, after failing to break through the resistance level at $7,700, many analysts forecast the cryptocurrency to fall below $7,000.

Another trader, who seems to be more bullish, predicted the BTC to rally, hitting the $7,800 level next week. He added that the cryptocurrency, at the $7,800 level, would face a horizontal resistance level which is difficult to break through. However, he paints a bullish scenario on the chart.

However, several traders forecast the Bitcoin to surge and hit $1 million by the end of 2020 or by early 2023, then decline to around $250,000.

Last Monday saw Bitcoin fail to break above the crucial level of $7,500 for the second time in a few days, in a move suggesting larger coming pullbacks before resuming its bullish trend.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.