A fairly popular trader with the nickname Crypto Michaël shared his thoughts on the cryptocurrency market movements in the near future. He wrote about the two most possible scenarios on his Twitter.
Still, basically two scenarios I'd be watching.
Holding $7,500-7,600 on $BTC and we could look at $9,500.
Losing $7,500-7,600 and I feel we're accelerating towards $5,800 or $6,400.
— Crypto Michaël (@CryptoMichNL) January 10, 2020
The first one is optimistic and suggests that if the BTC rate fixes above the level of $7500-7600 for some time, then it will soon grow up to $9500. The second scenario is pessimistic, which will happen if the price does not maintain the resistance level of $7500-7600. In this case, we will face a sharp drop in the rate to $6400 and $5800.
As for the brainchild of Vitali Buterin, Crypto Michaël sees a similar picture: if the rate breaks the mark of $133, then a further decline to the psychological mark of $100 is very likely.
Recall that last week the rate of the first cryptocurrency rose quite rapidly above $8,000, and as of this writing, it is trading in the range of $8100 – $8200.
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