HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Price to ‘Trade Again at $8000 Soon’: Analyst

Bitcoin 2019/11/30 09:50 by Martin Young
bitcoin price takeoff soon

Bitcoin price has had a very positive week on the back of probably its worst one this year. Since Monday’s dip, BTC has gained 18% to current prices. Chart patterns and the lack of a major capitulation could indicate that the bottom is in and the only way is up from here.


Bitcoin Price Closing on $8k

Bitcoin has ended a week of gains on a high note, pushing towards $8k again following a plunge to $6,550 on Monday. According to Tradingview.com BTC topped out at around $7,850 a few hours ago before pulling back to $7,750 where it currently trades.

bitcoin

The move marks the third significant upside push this week and an overall gain of 18% since the six month low. Hopium is starting to return to the scene following a 30% dump this month for bitcoin.

Its next targets on the upside are $8,100 and $8,500 beyond that. From there, things may start turning bullish again if this really has been the local bottom.

Trader and analyst Alex Krüger called that $8k will trade again this time last week when BTC was starting to crumble. He added that a bear market was descriptive of current events, rather than predictive of what comes next.

In a follow-up tweet yesterday Krüger added that the bottom has been ‘textbook perfect’ and things are about to turn positive again.

“Should be obvious why I believed $8000 “will trade again soon”, it’s where downtrend accelerated. The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive.”

Since mid-month BTC dominance has also started to creep back up as it closes on 70% again. The fear and greed index is moving out of the extremities and things are slowly starting to show signs of improvement.

There has been no major capitulation this year and the $6k zone may well have been the last higher low compared to 2018’s $3k zone. The long term trend is still up regardless of these wild price swings which those familiar with crypto markets should be used to by now.

Crypto Markets Moving

The bitcoin price lift has had similar effect on crypto markets today as total capitalization tops $210 billion. In five days over $30 billion has been poured back in but that has largely gone into BTC.

Ethereum has made a minor move to reach $155 and is eyeing further gains to $160. ETH is still very low however and has failed to break free of the movements of its big brother. There has also been an inordinate amount of FUD and tribalism from the crypto community which tarnishes the entire ecosystem.

Most altcoins are in the green at the time of writing though they still have a long way to go before any of them can be considered bullish.

Will bitcoin price reach $8,000 this weekend? Add your comments below.


Images via Shutterstock, BTC/USD charts by TradingView, Twitter: @krugermacro

The post Bitcoin Price to ‘Trade Again at $8000 Soon’: Analyst appeared first on Bitcoinist.com.

0 Like(s)



You should also read...

Mining 22/11/19 08:35 by Martin Young
Chinese Mining Giant Trades First Day Flat as Crypto Markets Dump 5%
Things are not looking rosy for Chinese bitcoin mining giant Canaan after day one of trading and they could get far worse today. BTC has dumped almost 4.5% in 24 hours and crypto markets have shed $10...
Read More
Bitcoin 22/11/19 10:04 by Martin Young
Another Bitcoin Death, Or Just Another Day in Crypto Markets
There have been countless red Fridays over the past few years and bitcoin has died countless times according to mainstream media. Today is looking pretty grim with a $10 billion slump in total crypto ...
Read More
Crypto 23/11/19 10:05 by Martin Young
What Caused Crypto Markets to Hit 6-Month Lows?
Total bitcoin and crypto market capitalization has plunged below $200 billion a few hours ago. It is the first time these low levels have been seen for over six months. Signals of a return to crypto w...
Read More
Bitcoin 27/11/19 00:00 by Cole Petersen
Crypto Markets May Be Close to Posting a Bullish Rebound, But All Eyes Remain on BTC
Bitcoin and the aggregated crypto markets have been facing increasing bearishness over the past several days and weeks, with many major altcoins posting massive losses as BTC remains stuck below the k...
Read More
Bitcoin 10/12/19 06:00 by Martin Young
Bitcoin Bears Back on Bakkt Launch as Markets Tumble Again
Around $6 billion has been dumped out of crypto markets over the past few hours as the bears return again. Coincidentally it has happened again, right after Bakkt launched more institutional investmen...
Read More