The Bitcoin (BTC) price is readying for a pump to the $7,500 level, according to trader Scott Melker
Well-known crypto trader Scott Melker says that the Bitcoin (BTC) “looks fine,” but he doesn’t rule out a possible drop below the $6,500 level.
At the time of writing, the benchmark cryptocurrency is up by a modest 0.60 percent over the last 24 hours, changing hands at $7,172 on the Bitstamp exchange.
According to Melker, the BTC price has managed to flip a key level after breaking out of a local descending wedge, which is usually treated as a reversal pattern during downtrends.
The chartist says is currently in a dip-buying mode, with $7,500 being his next target. It is worth noting that the bulls already came close to touching this level on Apr. 7 before the price plunged back below $6,500 on Apr. 17.
Melker says that it is possible that BTC could revisit this local low.
An uphill run
Meanwhile, trader and crypto analyst Christopher Jaszczynski has spotted a “textbook” bump-and-run reversal bottom. After a humongous bump in March, the leading cryptocurrency is consolidating before an uphill run.
Jaszczynski predicts that Bitcoin could reach $10,500 in case of a breakout.