This afternoon, investors bore witness to an insane Bitcoin (BTC) flash crash that sent the cryptocurrency reeling from the lower-$10,000 region to lows of $9,200, which is where it was able to find some support that helped it climb higher.<\/p>\n
Despite the jarring nature of this drop, it is important to note that it may not be as bearish as it seems, with its intense bounce from the its intra-plunge lows seeming to suggest that it will soon see a continuance of its mid-term uptrend.<\/p>\n
Analysts are now noting that the crypto\u2019s recovery from this flash crash seems to suggest that it will soon continue climbing higher, with one top trader targeting a movement back to its 2020 highs at roughly $10,500.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 5% at its current price<\/a> of $9,670, which marks a notable decline from daily highs of $10,200 \u2013 around where the crypto had been trading at for the past couple of days.<\/p>\n It is imperative to keep in mind that although today\u2019s drop is overtly bearish, BTC is still well above where it was trading at on Monday when it plummeted to $9,400, and buyer\u2019s ability to defend the lower-$9,000 region points to some underlying strength.<\/p>\n HornHairs, a prominent cryptocurrency analyst on Twitter, spoke about this selloff in a recent tweet, in which he explained that a daily close above $9,485 suggests that Bitcoin is bound to see an extension of its recent bullishness.<\/p>\n \u201cBTC Macro Update: Nasty shakeout so far. Midrange pushing back. Want to see price close today above $9485 to maintain range low and bullish structure. Would still look good for further upside in that event. 2 hours to go,\u201d he explained, pointing to the range seen below.<\/p><\/blockquote>\n $BTC<\/a> Macro Update:<\/p>\n Nasty shakeout so far. Midrange pushing back.<\/p>\n Want to see price close today above $9485 to maintain range low and bullish structure. Would still look good for further upside in that event.<\/p>\n 2 hours to go. \ud83e\uddd0 pic.twitter.com\/B4lavJCKpQ<\/a><\/p>\n — HornHairs \ud83c\udf0a (@CryptoHornHairs) February 19, 2020<\/a><\/p><\/blockquote>\n\n