Bitcoin's price could drop to $ 6,800 without event like Corona Virus

Bloomberg: The indices are all in favor of a bearish scenario for Bitcoin

Bitcoin (BTC) has soared this week to get close to the $ 10,000 threshold, but a 40% increase since the beginning of 2020 is now causing bearish (bearish) traders in the future.

In one discussions About the market with CoinTelegraph on February 7, two prominent traders highlighted what they consider to be the growing potential for Bitcoin to decline in value in the short term.

DiPasquale: BTC benefits from global instability

Sam Bankman-Fried - Co-founder of Alameda Research, did not make predictions about Bitcoin's trajectory, while Joe DiPasquale - co-founder of Bitbull Capital, said that $ 6,800 will be the upcoming target price of the BTC / USD pair. .

“I think if the context of instability continues - if things like the corona virus get worse… the price of gold and oil go up, I can see Bitcoin continue to rise, but if that doesn't happen, then it will probably return to $ 6,800, ”DiPasquale stated.

This debate comes as markets mark a solid week of growth for both Bitcoin investors and altcoins.

As Toiyeubitcoin reported, views are still contradictory on why Bitcoin has risen by 39% since January 1, with some seeing global events as a catalyst and others emphasizing the principles. Solid engineering of Bitcoin.

Like fellow trader Tone Vays, DiPasquale acknowledges that as global uncertainty increases, the amount of money flowing into Bitcoin will decrease.

Tom Lee's Bitcoin price estimate of $ 27k is unreasonable

When two traders were asked whether they agreed with the price projections this year, it was worth noting that the Fundstrat co-founder predicted a 197% increase over the next 6 months, both DiPasquale and Bankman-Fried. proved unconvinced.

"If you're saying, 'I expect an average increase of 10% in the next 6 months,' then that would be a reasonable recommendation, but 200%, that's overly optimistic," Bankman-Fried said.

He added that Lee - famous for his price increases for Bitcoin, did not observe the full technical indicators.

Meanwhile, the warning of a possible Bitcoin price decline to the $ 6,000 range has caused DiPasquale to disagree with past CoinTelegraph guests, who mentioned a step backward to the lowest level in December. be.

These include veteran trader Peter Brandt, who once stated that "strong arms" (meaning those who are always optimistic about BTC) will support sustainable growth, and those who are waiting to buy Bitcoin. under $ 6,000 missed the opportunity.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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