Bitcoin price is returning to short-term volatility, with a rally above $7261. At this point, BTC sees various near and long term predictions.
Bitcoin Price Rally Mode On
The mood for BTC until now has been bearish without the exclusion of sudden price rallies. The halving narrative still continues as a factor, though with fears of revisiting new lows before a 2020 rally.
Legendary investor and Galaxy Digital boss Michael Novogratz saw bitcoin staging a rally if it vaults the $7,500 level. Something which is happening at the moment.
$BTC chart needs to recover 7500 in next two days or we will be in a 6k-7400 range which would be less than pleasant. $BTC still up 95% on the year to keep perspective, but man, I liked it better above 10k😂.
— Michael Novogratz (@novogratz) November 25, 2019
Otherwise, the coin may remain bound in a range, moving between several marks around $7,000.
What do the BTC Predictions Say?
PlanB, a prominent crypto Twitter persona, is still confident in a year-end bitcoin price rally. According to him, BTC has a chance of recovering above the $10,000 level. Given the capability and current trend of bitcoin to rise by more than $600 within a day, this scenario is not so outlandish.
Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare. pic.twitter.com/ADwqixd9EF
— PlanB (@100trillionUSD) November 25, 2019
Still, there was enough fear in the past week for BTC to test new lows, and the market still shows signs of whales selling some of their stashes.
Charles Hoskinson, the co-founder of Cardano (ADA), is even more optimistic. He believes the current bitcoin price drop is just shaking down weak hands again.
Bitcoin’s price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2
— Charles Hoskinson (@IOHK_Charles) November 22, 2019
Indeed, there is a dose of optimism even as the prevailing sentiment remains in the “extreme fear” territory. The BTC price slide in August led the fear and greed index to as low as five points, and now, the November sell-off only pushed the index down to 17 points.
Bitcoin Jumps Past $7,500 Threshold
BTC also only recently managed to rally above 42% within one day, given some good news and favorable conditions. Also, futures trading is now active enough and can affect both overall activity and price discovery. While the spot market sees whales selling, futures point to potentially higher prices.
The price moves of bitcoin remain unpredictable, though a move above $7,500 is seen as a threshold for another rally.
Break $7500 and it’s showtime. $BTC pic.twitter.com/G348APy3o7
— Galaxy (@galaxyBTC) November 27, 2019
Bitcoin also has the advantage of the futures market moving beyond the speculation of spot trading. Futures are overwhelming BTC volumes and serve as a new instrument for price discovery. Futures also invite a new type of trader, while whales hold onto actual BTC.
What do you think about the current bitcoin price action? Share your thoughts in the comments section below!