BTC Retracement To $7,150 Could Mean A Visit To $7,800 Soon

The BTC retracement to the $7,150 level could mean that the next price level for the largest cryptocurrency will be $7,800 as per the crypto analyst and trader Crypto Michael. Checking on the charts, we discuss more the price and the possibilities for the coin in the bitcoin news now.

The BTC trends go back and forth in the market with almost no indications of a consolidating price momentum anytime soon. However, the crypto trader and analyst Crypto Michael believes otherwise. He said that the BTC retracement to $7,150, could be a means to retest the $7,800 resistance level. Since Bitcoin emerged about 10 years ago, the crypto analysts have played a huge part in the path of its development and growth. This is why their opinions are all considerable.

As bitcoin displays slow growth, the crypto trader hinted about the possibility of Bitcoin retesting the $7,800 price region anytime soon if the digital token could flip above the $7,150 resistance. He explained:

 “Wouldn’t surprise me to see something like this, as long as we hold green. Breaking and flipping back above $7,150 would make the price go back in the range & then we’re eager to look for $7,800 later on. Crucial to hold green, nonetheless.”

The bears are resilient over the price of Bitcoin on the market since it became a thing of concern to most of the enthusiasts, investors, and traders. Bitcoin recorded yearly price highs and has been a cause for agitation in the crypto community especially among the newcomers in the trading and investment area. The majority of the analysts believe that the Bitcoin halving will cause a massive turning point for the Bitcoin price as they considered the previous halving into consideration.

According to the history of the previous Bitcoin halving, one year after the event is expected to welcome a parabolic price uptrend of the altcoin. This event is scheduled to take place every four years and this was last conducted in 2016 so the next halving is expected in May 2020. To be fair, the halving has been mostly favorable to the price of BTC and it was also believed that the effect of the 2016 bitcoin halving aided the price of the crypto to the record-time high of $20,000.