A cryptocurrency analyst considers that an important zone for Bitcoin is going to be the range between $8,200 and $8,500. In the last few weeks, Bitcoin has been traded between $8,600 and $9,400 a tight range that allowed the largest cryptocurrency to maintain a stable price. The main question the analyst tries understanding is what would happen if Bitcoin falls below that level.
What Can Happen With Bitcoin?
The Crypto analyst on Twitter “CryptoCapo” has made a price analysis for Bitcoin and also for Chainlink (LINK), one of the hottest cryptocurrencies in the market right now. He considers that Bitcoin could move to the range between $8,200 and $8,500. This would be a very important moment for Bitcoin where traders will have to make a decision on how the digital asset would continue operating.
As he explained on twitter, there is currently a consolidation below $9,300 and it could move towards the range we mentioned before.
$9.8k-10k target reached.
Starting to see some hidden divergences on ltf, with positive funding on the different exchanges.
Consolidation below $9300 and it should go to the range low ($8200-8500). That would be the decision point, in order to know if it’s SOW or Spring. pic.twitter.com/ebqFfknu16
— il Capo Of Crypto (@CryptoCapo_) June 4, 2020
In addition to it, if Bitcoin breaks below the aforementioned range, it may be possible for it to move towards $7,000 and $6,000. This could also help Bitcoin continue its upward trend towards the previous high of $13,750 and eventually be headed to $20,000.
It is also worth mentioning that in recent weeks, several altcoins have been experiencing a large demand and increase in interest. Chainlink, for example, was able to get closer to the top 10 with a massive increase in its price. In the last months, this cryptocurrency surged by over 267% and it could continue growing.
In other tweets, CryptoCapo showed that the bearish alternative for LINK was invalidated and now the bullish one seems to be gaining strength. LINK, Cardano (ADA) and Crypto.com Coin (CRO) are experiencing large gains and they could continue growing in the near future. Cardano has reached the 7th position in the market while CRO is currently among the top 10.
Litecoin (LTC) is currently in a difficult situation considering that CRO, LINK, EOS and Tezos (XTZ) could surpass it in the near future, pushing it out of the top 10.
Of course, other altcoins could attract investors and help their price move towards local highs. At least, a newly increased demand for altcoins would help some digital assets to move higher and recover from two years of a bear market.