Bitcoin has seen an insane uptrend throughout 2020, with its momentum reaching a fever pitch after BTC broke above $10,000 this past weekend. In the time since breaking this critical level, BTC has begun stabilizing, giving other cryptocurrencies the chance to incur some massive rallies.<\/p>\n
In the near-term, despite the overt bullishness of the aggregated crypto market, one historically accurate analyst is noting that BTC is pushing up against a key resistance level that is unlikely to be breached.<\/p>\n
If the benchmark crypto is rejected at this level, then it could see an intense downtrend that potentially leads it as low as $7,800 in the near-term.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 2% at its current price<\/a> of $10,315, which marks a notable climb from daily lows of $10,200 that were set yesterday when bears attempted to catalyze a selloff.<\/p>\n Importantly, bears have been able to garner any sustainable strength over the past seven weeks, with every dip being met with intense buying pressure that ultimately leads it to extend its uptrend.<\/p>\n Despite this firmly bullish market structure, some traders are hedging their positions, with Mayne, a popular crypto analyst, explaining that he is watching for a pullback before the crypto sees any further momentum.<\/p>\n \u201cHedged most of my Bitcoin now in the grey. This has been my plan for weeks, sticking to it. We could go higher, but I think the temperature on CT and how far we’ve already run are inline with a pullback. Could be wrong, don’t care, do you. Watching $9.5k, $8.7k, $7.6k,\u201d he explained.<\/p><\/blockquote>\n Mayne isn\u2019t alone in being bearish on Bitcoin<\/a>, as DonAlt, a highly respected trader who has a track record of accurately calling massive movements, explained in a recent tweet that BTC is pushing up against heavy resistance, which he anticipates to spark a drop towards $7,800.<\/p>\n $BTC<\/a><\/p>\n I'm going on vacation, took this before leaving. See you guys in a bit. pic.twitter.com\/5vuUuHu85L<\/a><\/p>\n — DonAlt (@CryptoDonAlt) February 12, 2020<\/a><\/p><\/blockquote>\nTop Analyst: BTC\u2019s Current Resistance Could Spark a Move to $7,800<\/strong>\u00a0<\/strong><\/h2>\n
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Won't be able to micro-manage because I'll be in the middle of nowhere.<\/p>\n