Two months have passed since the so-called Black Thursday when Bitcoin collapsed from the $7,400 zone to $3,800 and lost around fifty percent of its value within a day.
Since then, BTC has taken a month to fully recover to the level of the fall and another month to almost cross the $10,000 price mark.
While the king crypto is striving to reach $10,000, traders are offering their take on the short-term prospects of Bitcoin. One of them believes that BTC will head for $14,000 soon. Here’s why.
$12-$14k before a major correction
Trader ‘D.I.Y. Investing’ tweets that he notices similarities between the market structure last summer (when Bitcoin hit $13,000 on July 10) and the present market structure.
He expects the next destination for Bitcoin to be in the $12,000-$14,000 level. The trader expects a major retracement to occur but first, he believes, a blow-off top needs to take place.
A trader going by the Twitter name ‘Rekt Capital’ has stated that bulls have managed to neutralize the sell-side momentum for Bitcoin. However, on the chart he has shared, there is a Flag pattern, similar to the one after which the BTC price started declining in February.
“BTC needs to continue to maintain the highs like this if it wants to challenge for a Flag breakout”