HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why

Bitcoin 2019/12/08 10:07 by Nick Chong

Since Bitcoin (BTC) tapped $6,500 in late-November, analysts have been wondering if the bottom is really in. You see, the leading cryptocurrency bounced by 20% from $6,500, hitting $7,850 just a week after that.

Now, the crypto is trading for $7,400 a pop, seemingly trying to establish a market trend for the coming week. While some say that Bitcoin’s inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.

Related Reading: Crypto Tidbits: Deutsche Bank Gives Nod to Bitcoin, EOS to Host Social Media, France Digital Currency

Why BTC Could Jump 15%

Popular trader Mr. Chief (or Halo Crypto) recently noted that the cryptocurrency ball is finally entering the court of the bulls.

He noted that the inverse chart of Bitcoin has shown that the cryptocurrency has broken below (meaning above) a key, some would say the penultimate,trend line that has been in place for over six weeks. The asset is also situated in a descending channel (actually an ascending channel) that implies a move to $8,500 is “definitely on the table.” A move to $8,500 would mark a 15% rally from current price levels.

Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky

Bitcoin Bottom in; Upside Likely

It isn’t only Halo that is starting to see bullish trends form on Bitcoin’s price charts.

Per previous reports from NewsBTC, Adaptive Capital’s Willy Woo, a popular on-chain metrics analyst, noted on Dec. 7 that a proprietary indicator his fund uses is implying that the usage of the Bitcoin network is implying that bulls will soon gain the upper hand again:

“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view.”

There’s also Glassnode, a crypto-centric on-chain intelligence firm, which noted just recently that their metrics suggest that Bitcoin is bottoming and slated to revert higher in a “strong” fashion.

One such metric that Glassnode drew attention to was that the Market Value to Realized Value (MVRV), the ratio between market cap and realized cap, is “consolidating towards one,” which implies that gains are being realized by crypto asset investors. A reading of one for the ratio often marks a bottom for the cryptocurrency market.

Related Reading: Researcher: Bitcoin is Alive and Well, Price Still in Macro Uptrend
Featured Image from Shutterstock

The post 15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why appeared first on NewsBTC.

1 Like(s)



You should also read...

Bitcoin 21/11/19 22:00 by Cole Petersen
Analyst: Break Below Bitcoin’s Current Support Could Spark Drop to $6,000
After a brief period of consolidation, Bitcoin has once again made another downwards movement that has led it below its previous support level at $8,000. This latest bout of downwards momentum has ope...
Read More
Bitcoin 24/11/19 18:00 by Nick Chong
Bitcoin Price Bottomed on Macro Scale? Saturday’s Close Implies So
With the debate raging over if Bitcoin (BTC) truly set a bottom at $6,700, an analyst recently tried to set the record straight, issuing the tweet below after Saturday’s candle close. In it, a p...
Read More
Bitcoin 03/12/19 22:00 by Cole Petersen
Bitcoin Bears Laying the Groundwork for Further Losses as Bulls Lose Momentum
After incurring tremendous volatility throughout the latter part of October and the majority of November, Bitcoin appears to have now entered a period of consolidation as its bulls and bears send BTC ...
Read More
Bitcoin 08/12/19 18:57 by Brenda Ngari
Bitcoin On-Chain Momentum Grows Bullish As Analyst Sees $8.5K Imminent
Besides a few dead cat bounces, bitcoin price action has generally been boring in the past couple of weeks. Since touching $10k in late-October, the top crypto has slumped by 25% and the fact that th...
Read More
Bitcoin 16/12/19 13:00 by Nick Chong
Bitcoin Futures Gap Exists at $11,800; Can Bulls Fill the Gap?
If you’ve been on Crypto Twitter at all during 2019, you’ve likely heard the term “Bitcoin futures gap” mentioned again and again. For some context, a “gap” in a financ...
Read More