Bitcoin [BTC] Dipping To $5,500 USD Highly Unlikely, Crypto Analyst Says

Monday 23 December 2019, 1:15 AM AEST - 8 months ago

Bitcoin-BTC-Ban-Nordea-BankBitcoin [BTC] Dipping To $5,500 USD Highly Unlikely, Crypto Analyst SaysPexel: BitcoinFTX Exchange

Cryptocurrency analyst and trader, Scott Melker, believes Bitcoin (BTC) price will stay well above the $5,500 USD region. He added the price will offer Bitcoin traders a wonderful opportunity to buy the pioneer crypto. Will Bitcoin drop that far?

I would love to buy $5500 bitcoin

Scott Melker, a crypto trader and consultant, believes a $5,500 USD would be an ideal entry point for crypto traders (including himself) but doesnt believe it will happen given similar bullish sentiments across the market. Bitcoin currently trades at $7,200 USD across top exchanges recording yet another day as the price remains flat –bears and bulls yet to show clear direction in the market.

I would love to buy $5500 bitcoin. With everyone looking for it, seems less likely it actually happens.

— The Wolf Of All Streets (@scottmelker) December 21, 2019

Bearish indicators are forming on the daily charts with the price trading in a flat sequence in the past fortnight. The price is currently in tandem with the middle band of the daily Bollinger at $7,165 USD on Coinbase, with the lower band providing support and upper band the resistance. With the BB set on an expansion given the squeeze currently, a close below the lower band will usher in a bear momentum that may push price towards resistance at $5,000 USD.

BTCUSDBitcoin [BTC] offers long term value

According to Scott, any price below the all-time high should be a buy zone area if you are in Bitcoin for the long term. The scarcity of the crypto, coupled with a widespread adoption shows the coin is set for higher prices and whether the price stands at $5,000 USD or $19,000 USD, Bitcoin buyers are set see higher values in future.

Why wait for $5500 if you can buy now long term? No need to find the bottom ...

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