- Bitcoin price recovery towards $8,000 in grave danger as a bearish pennant formation continues.
- Bitcoin price vulnerability at $7,200 could culminate into another selloff that could test $1,000 according to a trader, Henrik Zuberg.
Bitcoin price managed to stay above $7,200 support in the wake of rejection from levels under $7,500. The most traded cryptocurrency has stepped above $7,300 but is currently struggling with the resistance at $7,400. Across the cryptocurrency market, bears appear to be taking over control. All the top three cryptoassets are slightly in the red. Ethereum is trading marginally below the opening value at $173.31 while Ripple is down 0.88% to trade at $0.20.
Bitcoin price eyes $1000: Henrik Zeberg"
A cryptocurrency trader and analyst on Twitter Henrik Zeberg is not afraid to openly speak of Bitcoin’s possible dive to $1,000. Zeberg is choosing to remain bearish in spite of Bitcoin price recovery from levels around $3,864 (reached in March) to highs close to $7,500 (earlier this week). Using the chart below, the trader points out that Bitcoin is vulnerable at $7,200.
#Bitcoin looks fragile here....! pic.twitter.com/miQN2ToFk3
— Henrik Zeberg (@HenrikZeberg) April 9, 2020
Alongside the gold, the world’s most precious metal, Bitcoin is likely to fall into another selloff. Zeberg says that “Bitcoin and gold are so misunderstood at this point! We have strong illiquid phase in front of us.”
#Bitcoin and #Gold are so misunderstood at this point! We have strong illiquid phase in front of us. SP500 from ~2600 to ~1800. That is another ~30% drop! Everything will be sold off! I have take my target for Bitcoin down to ~1000 USD before bottom pic.twitter.com/Q0ugvqddlZ
— Henrik Zeberg (@HenrikZeberg) April 7, 2020
Bitcoin price technical picture
According to the daily chart, Bitcoin upside is limited by the 50-day SMA. Movement above $7,400 (tipping point) could push the price above $7,500. This is likely to shift the focus back to $8,000.
However, in relation to Zeberg’s bearish prediction, a bearish pennant patent puts Bitcoin in grave danger of breaking down to retest the support at $6,000 or even $5,000.
Meanwhile, short term analysis shows Bitcoin is likely to embrace consolidation as long as the RSI keeps on with the leveling motion between 50 and 60.
BTC/USD daily chart
-637220191382824648.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Uniswap plunges to 8-month low as traders offload holdings
Uniswap (UNI) price trades in the red on Wednesday at $5.84 after falling nearly 9% in the last two days. This downward trend is further supported by UNI’s Exchange Flow balance, which shows a positive spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP volatility spike expected around US CPI release
Bitcoin (BTC) price hovers around $82,700 on Wednesday after recovering 5.52% the previous day. Ethereum (ETH) price shows weakness while Ripple (XRP) price shows signs of recovery as these coins expect volatility around the US Consumer Price Index (CPI) data release on Wednesday.
House votes to nullify IRS DeFi broker rule as Financial Services Committee deliberates on stablecoin framework
The House of Representatives met on Tuesday to vote on repealing the Internal Revenue Services (IRS) DeFi broker rule, which sought to impose data collection rules on DeFi platforms.
Ethereum Price Forecast: ETH eyes $2,200 resistance as Fidelity seeks ETH ETF staking approval
Ethereum (ETH) is up 3% on Tuesday following Cboe BZX's filing with the Securities & Exchange Commission (SEC) for Fidelity to permit staking within its spot Ethereum ETF.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.