Bitcoin Price Is Likely To Recover To $9,000: Analyst

The price of Bitcoin is in the focus of today’s crypto news again for a slight improvement of a couple of percentage points. However, the pullback of more than 23% which occurred yesterday as BTC trades against the US dollar is still serious. According to one analyst, the Bitcoin price is likely to recover to $9,000 soon and post new gains.

What’s good at this point is that Bitcoin managed to recover to $8,200 after its major drop to $7,700, critically avoiding a steeper drop to the lower $7,000 region to test its low-level supports in the short term.

Luke Martin, a popular cryptocurrency trader and persona, is in the focus of the Bitcoin news today for stating that an upside to $9,000 is expected for the dominant cryptocurrency right now. Martin believes that this would relieve some of the pressure on the cryptocurrency market.

Implying that the Bitcoin price is likely to surge soon, Martin said:

“Price had just dropped below 9,600 and it remained to be seen whether BTC price was going to recover and have positive returns after expiration. It did. Still a small data set, but worth paying attention too.”

A March report from Bitwise Asset Management shows that the CME Bitcoin futures market accounts for a relatively large portion of the daily Bitcoin volume – once the fake volumes from the cryptocurrency market are filtered. As the Bitwise research team unveiled earlier this year:

“When you remove fake volume, CME and CBOE futures volume is significant ($91M), especially compared to the real spot volume (35% for Feb 2019). This is good news because it means CME— a regulated, surveilled market— is of material size, which is important for an ETF.”

The Bitcoin price is likely to grow again – and analysts confirmed this. In contrast, a break below $7,700 is very unlikely to happen in the upcoming days. Scott Melker, who is a trader at Texas West Capital, recently said that the short-term bottom for Bitcoin at $7,777 could take immense sell pressure to break.

“There aren’t many clear levels on the monthly chart, but price bottomed out (thus far) exactly on one of them – $7,777,” he said.

The ETH news today show that the “altcoin leader” managed to gain almost 5% and return back to $175 after its fall below $167.