Bitcoin is in a bearish trend, trader says, but other experts disagree
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At press-time, Bitcoin is exchanging hands at $7,169, recording growth by nearly 8 percent and the top twenty coins’ field looks green, as per the data from CoinMarketCap.


In a series of tweets made on Wednesday, the crypto trader Scott Melker states that Bitcoin is still in a downtrend and the market structure is definitely marked by bears’ domination.


He mentioned a debatable bull flag, admitting that his analysis may prove wrong if anything changes.




The screenshot of a chart says that back then Bitcoin was trading at around $6,660.

Image via TradingView

Peter Brandt: Bitcoin has held an important support


On the same day, the Bitcoin spiked over $7,000 and the savvy commodity trader Peter Brandt tweeted that Bitcoin had managed to hold a crucial support level.

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After that tweet, the flagship crypto surged to touch $7,400 and then dropped to $7,148.


One of Brandt’s followers, the trader @themooncarl agreed, saying that the trend is still bullish.


“Indeed, this support line has a lot of long term significance. Bullish trend still intact.”


Bakkt Bitcoin Futures Set New Record with Close to $50 Mln Traded in One Day


‘I think we will see 7800’


The trader Crypto Wolf seems to be feeling more bullish about the Bitcoin price as he posted that it may surge to $7,800 should Bitmex funding rate stay negative.


Image via Twitter

Long term $250,000 BTC forecast


In a recent interwove, the Bitcoin bull and billionaire Tim Draper stated that he still believes in his forecast of $250,000 per BTC.


He said that it would happen from 6 months to a year after the halving in May. By the end of 2022 or early 2023, he put it more specifically.


As per him, by that time Bitcoin mass adoption will spread much wider and that women (who currently own only 1 Bitcoin wallet out of every 15 and do around 80 percent of daily shopping) will realize that banks are taking 2.5-4 percent fees from them each time they swipe their card in a shop.


When this happens, Draper says, women will start looking for cheaper solutions and Bitcoin is the best candidate here.

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