It is becoming more uncertain where Bitcoin is headed as the price has been moving sideways for days now. This is coming after high hopes that Bitcoin was going straight to $20,000 and then forming an entirely new all-time high within a short time.
As things have turned out this way, seasoned traders in the industry have given their opinions which suggest the lead cryptocurrency may actually be going lower than it has in the last few days.
According to Youtube content creator Omar Bham, a look at several opinions from these traders point to Bitcoin spending more time between $8,800 and $14,000 max for a few weeks or a month before it breaks through that range to the all-time high of $20,000. A new all-time high will be easily reached from then, in the range of $28,000 to $30,000 before another major correction, he added.
This view is supported by another cryptocurrency trader and analyst, DonAlt. He says Bitcoin could retrace much lower than it already has even though the charts do not suggest it. This could refer to the $8,800 Omar is referring to and it’s not certain if it could be worse.
While this is kind of disheartening to those who had their hopes up for a major bull run, some intending buyers who missed the buy at $8,000 or lower could appreciate the dip as one last opportunity to buy. In fact, the likes of Tone Vays believe Bitcoin could be going back to $4,000 which could be an added opportunity.
Bitcoin has now exhibited unusual price variations, reaching a low price of $10,151 and a high of over $11,430. Its current price is at $10,616 and could be on its way to $9,000 in the next 24 hours if the prevailing bearish trend continues. It could take only a few days before $8,800, but experts think it could take up to a month so there may be more time.