Bitcoin Could Hit $37,000 But Trader Says Bitcoin Price Will Be Higher ‘A Number You Cannot Understand’

189
SHARES
1.5k
VIEWS

Related articles


Bitcoin (BTC) closed another $40,000 retest on September 26 as the weekly closing battle continues.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

It is unlikely that the price of Bitcoin will be below 40 thousand dollars

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair dropping to $40,800 overnight, after a previous failed attempt by sellers to bring $40,000 back to resistance.

With difficult conditions keeping BTC price movement in a tight range, attention on Sunday focused on where the bottom might be in the longer term. Analysts also remained visibly optimistic about what might come next.

in a Tweet thread Reflecting the broader Bitcoin situation, famous trader Pentoshi saw $37,000 as a potential floor.

Popular Twitter trader Bentoshi commented in a series of tweets reflecting the broader state of Bitcoin.

“While I think the USD$BTC could briefly trade as low as 37K, it is unlikely that there will be a long one.”

Bentoshi indicated that there are large bids for the buyer in the region, ranging between $36,000 and $40,000. These, as Cointelegraph mentioned, are rare in order of magnitude.

He wrote: “We can see bids piled up on the exchanges at those levels with the intent of filling them up, but the sheer volume of them is something I’ve never seen before on most exchanges.”

“The bottom is closer than you think, and the top is probably a number you can’t understand at this time.”

BTC/USD (Binance) buy/sell levels as of September 26th. Source: Material Indicators

Huobi to “retire” all Chinese users

Elsewhere, concerns about China have proven equally difficult to shift from sentiment.

Related: Crypto has recovered from Chinese FUD more than a dozen times in the last 12 years

Exchange Huobi has seen an inflow of 10,000 BTC as it prepares to halt its Chinese operations, however it is small compared to the one it saw up until last month.

Huobi BTC balance chart. Source: Bybt

“To comply with local laws and regulations, Huobi Global has suspended account registration for new users in mainland China, effective September 24, 2021 (UTC+8),” an announcement from the exchange released on Sunday.

“Huobi Global will gradually retire existing user accounts in mainland China by 24:00 (UTC+8) on December 31, 2021, and ensure the safety of user assets.”

As Cointelegraph reports, despite extensive media coverage, nothing has changed in China’s crypto stance, with the ban on cryptocurrency in place and essentially unchanged since September 2017.