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Bitcoin Primed for a Move to $8,000, but Bear Trend Isn’t Over Yet

Bitcoin 2019/11/23 20:30 by Cole Petersen

After facing a sharp drop into the upper-$6,000 region yesterday morning, Bitcoin’s bulls have stepped up and propelled the crypto higher, laying the foundations for the cryptocurrency’s recent lows to be a mid-term bottom for BTC.

Analysts now widely expect Bitcoin to see further gains in the short-term, but it is important to note that the cryptocurrency is still firmly caught in a mid-term bear trend, which means that it may ultimately see further downside in spite of its near-term bullishness.

Bitcoin Climbs from Recent Lows as Bulls Fight Back 

At the time of writing, Bitcoin is trading up over 2% at its current price of $7,320, which marks a notable climb from its daily lows of roughly $6,700 that were set during BTC’s latest sell-off.

This level has long been viewed as a strong level of support for the cryptocurrency, and its bullish price action in the time since it visited this level confirms that this is in fact a strong level of support, and may signal that further bullishness is imminent in the near-term.

Further supporting this notion is the fact that Bitcoin has broken above the upper boundary of a clearly defined pennant that it formed in the time following its recent drop, which may signal that further upwards momentum is imminent.

Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet while pointing to the chart seen in the below tweet.

“$BTC #bitcoin early action favors bulls,” he concisely noted.

Economist: BTC May Climb to $8,000, But Bear Market Remains Strong 

As for where this upwards momentum may lead BTC’s price in the near-term, Alex Krüger, a popular economist on Twitter who focuses primarily on cryptocurrencies, explained that he believes BTC will visit $8,000 shortly, but that further downwards momentum is imminent.

“$BTC views – this is a bear market, price action says so – price set a local bottom today – $8000 will trade again soon => short above – good spots for longs: $6400/$6000 – high odds halving won’t be bullish – many miners will capitulate if hash growth continues unabated,” he explained.

Assuming that the upcoming mining rewards halving is not a bullish catalyst for Bitcoin’s near-term price action as Krüger believes, BTC may see significant further losses in the coming weeks and months.

Featured image from Shutterstock.

The post Bitcoin Primed for a Move to $8,000, but Bear Trend Isn’t Over Yet appeared first on NewsBTC.

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