Bitcoin (BTC) could easily move to $8,000 or $8,200 in the near future before falling to $6,800 / $6,500. This is according to the recognized trader and technical analyst Crypto Michael that considers that this is how cryptocurrencies behave.
Bitcoin Could Reach $8,200 and Then Fall Again
Bitcoin has been traded in a bear trend since June this year after reaching $13,750, the highest point for the leading cryptocurrency in more than a year. Now, Bitcoin is being traded close to $7,570 and it has a market capitalization of $136 billion.
According to the professional trader Crypto Michael, Bitcoin could surge between 5% and 8% before falling to $6,800 or $6,500 for bottom confirmation.
“Just to make everyone bullish at the first and bearish at the second,” he commented on Twitter. “Standard crypto games,” the trader added.
I would not be surprised if we hit $8,000-$8,200, before we come back to $6,500-6,800 for bottom confirmation.
Just to make everyone bullish at the first and bearish at the second.
Standard crypto games. $BTC
— Crypto Michaël (@CryptoMichNL) December 6, 2019
At the same time, Cane Island Analyst Timothy Peterson said Bitcoin was going to be traded around $7,800 in December 2019. This prediction is very accurate considering that just days before December 2019, Bitcoin was traded around that value.
Moreover, the most popular digital asset is getting very close to that price. Both analysts, Peterson and Michael consider that Bitcoin could continue growing and reach $7,800 or even $8k in the near future.
What Could Help Bitcoin Price Move Upwards Again?
As mentioned before, Bitcoin has been in a bear trend during the last few months and enthusiasts and investors are waiting for the cryptocurrency to start moving upwards again.
One of the bullish catalysts could be related to the halving event that is expected to take place in May next year. If this reduction in the new supply of Bitcoin has the desired positive effect many analysts predicted, Bitcoin could experience a new bull trend in the coming years. Bitcoin reward for miners is expected to be reduced to 6.25 BTC per block from 12.5 BTC per block.
However, the recognized venture capitalist Tim Draper explained that Bitcoin could reach $250,000 by 2023 but not due to the halving event.
As UseTheBitcoin reported, he said that the most popular cryptocurrency could eventually reach this value, not because of the upcoming halving event, but because it could eventually become a recognized and utilized currency around the world.