Technical Analyst: Bitcoin price will soon reach $ 9,500

Trader Crypto Michaël presented two scenarios, according to which the price of the first cryptocurrency is likely to follow in the near future.

According to an optimistic forecast, BTC will soon rise in price to $ 9,500, but for this, the price needs to stay on the support range of $ 7500-7600 for some time.
If bitcoin falls below this area, a pessimistic scenario will be implemented with an accelerated fall to the levels of $ 6400 and $ 5800.

With Ethereum, which is closely correlated with Bitcoin, the situation is similar: a failure below the $ 133 mark will return the price to the psychological level of $ 100.

CoinDesk analyst Omkar Godbowle also considers $ 7,555 a key level. A price dip below this mark should not be ruled out, given the “Top” candlestick pattern on the daily chart - a sign of uncertainty.

However, Godbowl notes, the downward correction is accompanied by low trading volumes and may be short-lived. If the price manages to gain a foothold above the $ 8000 level, a local maximum retest around $ 8400 will not belong in coming.