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Home Cryptocurrency news Bitcoin

Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200
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At the start of April, Bitcoin rallied over $1,000 in the matter of an hour, giving crypto investors their first taste of bullish momentum since the start of 2019. The rally was enough to cause traders and analysts alike to call the bottom as “in” and claim that a new uptrend was confirmed.

However, breaking news last week that the New York Attorney General’s office is accusing Bitfinex of using Tether reserves to hid a loss of $850 million has caused much panic across the crypto space. The same traders that were once calling for Bitcoin to test resistance at $6,000, are now also calling for a retest of resistance turned support at $4,200, back where the early April rally began. And according to a new poll, crypto investors are now equally split as to where Bitcoin might head next: $6,000 or $4,200.

Poll Results Reveal That Bitcoin Traders Are Equally Split on Bitcoin Price Targets

Read any crypto community forum, group, or social channel and there is no shortage of crypto traders genuinely confused about the current price action, and which direction Bitcoin will go next.

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After the longest bear market on record, recent Bitcoin and crypto investors have taken a beating, and have been conditioned to anticipate a fall in price following a rally. The market sentiment is normal following a bubble burst, and confirms the market is in what’s called the “disbelief” phase.

Related Reading | Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation

The uncertainty surrounding Tether and Bitfinex, which could have have significant impact on the overall market integrity should the parent company of both becomes insolvent or is shut down the by New York AG’s office. The fears have stopped Bitcoin’s April rally in its tracks, and now crypto traders who were once bullish and calling for $6,000 are now suggesting that Bitcoin will need to retest resistance turned support at $4,200 before healthy upward movement can continue.

While most of the market was bullish, the market is now equally divided as to where Bitcoin price will go next. The sentiment can be visualized using a Twitter poll shared by crypto trader Bagsy, who asked the crypto Twitter community which of the two prices would come first: $4,200 or $6,000.

Which comes first for $BTC ?

— Bagsy (@imBagsy) April 28, 2019

Surprisingly, even with over 6,000 votes on the poll, respondents were equally split down the middle, with 50% voting on each option. With crypto traders so torn on price direction, one side of the argument is bound to be in for quite a shock when the price of the leading cryptocurrency goes counter to the direction of their choosing.

Related Reading | Next Big Move For Bitcoin Price: Will The Infamous Golden Cross Fakeout Strike Again?

The sentiment could also be viewed as positive, as prior to the recent Bitcoin rally, most bears were calling for sub-$3K prices as the Bitcoin bottom, but now even the most bearish of traders are warming up to the idea that the bear market has ended.

Featured image from Shutterstock
Tags: bitcoinbitcoin pricecryptopolltwitter
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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