Bitcoin Price Is Expected to Experience "Mega Bounce" to $14,000: Crypto Trader

Libra Coin News
Wed, 10/09/2019 - 05:09
Alex Dovbnya
Crypto trader predicts that Bitcoin could bottom out at the $6,000 level before shooting up to $14,000
Cover image via www.123rf.com

While the Bitcoin price continues to range in the $8,100 region, some traders are sharing their wild short-term predictions.

Namely, "Credible Crypto" expects a mega bounce by the end of 2019. However, prior to that, the bulls will experience more pain given that the BTC price could drop to as low as $6,000. Such a strong correction from this year's high of $13,700 would seemingly invalidate any bullish narrative, but the analyst is certain that Bitcoin will rapidly rise from there. 

Bitcoin is no stranger to volatile price swings, so this forecast doesn't seem too far-fetched. Moreover, it goes in line with Peter Brandt's prediction about the BTC bottoming out at the $5,000 level in January 2020 before starting its next parabolic move to $50,000

Related
Bitcoin Price Possible Heading for $6,000 Would Still ‘Make Bullish Structure Macrowise”, Analyst Says

Meanwhile, as reported by U.Today, Bitwise says that they are "closer than ever" to Bitcoin ETF approval. Considering that the SEC is supposed to voice its final decision as early as this week, the Bitcoin price is bound to experience another major move in the short-term. 
 

Do you think Bitcoin will eventually drop to $6,000? Feel free to voice your opinion in the comment section! 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.