BTC Seen to Establish New Trading Range

It seems bitcoin is making a habit of defying dismissive expectations. Although the largest bitcoin closed last year on a three-month downslide, it still closed the year with an impressive 97.3% surge. Just when it was hitting its resistance at $7,500, an unexpected outburst at the early days of 2020 saw the coin at an early high of $8,451, just hours after the US killing of Iranian Officer Qasem Soleimani. At press time, bitcoin is trades at $8,086.

Traders Bullish on Bitcoin Performance

Major crypto traders on Twitter see potential earnings for bitcoin. Many of them regard current performance a buying opportunity. As bitcoin is way above the $7,500 threshold, it seems to pushing for a new resistance level. Luke Martin, one of Twitter’s most prominent crypto traders, is bullish about btc price levels as it “btc retests” resistance.

DonAlt, another major crypto trader, tweeted that he is “still long & strong” on bitcoin performance. He argues that bitcoin is “retesting its neckline” and sees no reason to be pessimistic as long as the coin does not close below the $7,500 level.

However, Based on chart analysis by CryptoBirb, shorting bitcoin right now would be a disaster. He is confident the current situation is a sure long opportunity, as long positions have the potential to pay out.`

New Range Forming

Other bullish voices remain somewhat reserved too as they see new range forming. Josh Rager is cautious and urges traders to have patience as btc price moves between new range high and low. He dismissed radical bullish and bearish expectations alike but remains optimistic as he expects “new range to develop above the previous range”.

Crypto trader MacnBTC anticipates a new price range between $7,500 to $8,520 for the 35-70 days. “Next 2-3 weeks will tell us everything”, he tweeted.

Theo📚 Crypto99™ @theo_crypto99 also sees a new range forming where the previous resistance level acts as a new support. He expects a rise to $9,000 if resistance could be flipped.

Wüsten @KriegVII is more bullish, however, predicting the new resistance level to be higher at $8,500 to $8,800. Based on his chart analysis price chart followed an inverted head-and-shoulders pattern that could target a potential $8,829 level.

Similar Pattern to Previous Year

Cantering Clark, the crypto trader, said that he sees a similar pattern in btc performance in early last year. He expects dramatic increase in long earnings by asset managers.

Crypto analyst Scott Melker seems to be on-board with this as he retweeted with a concurring comment: “Apparently “smart money” is long”. However, Melker also sees a lot of sentimentality in tweets by traders, arguing that there’s no way we can know for sure what is going to happen.

If past experiences are valid, and they might be for traders if not analysts, bitcoin has always smashed bearish insights, at least on the long term. Yet only the upcoming weeks will reveal for sure how the best investment of the decade will behave.

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