After the initial bounce 5 days ago, Bitcoin has remained in a bullish short term uptrend and has been able to set higher lows almost every single day. The digital asset is currently trading at $7,751 and has broken above the 12-period EMA on the daily chart. Bitcoin’s market dominance has remained quite even for the past week at around 66.5%.
The 4-hour chart is now strongly favoring the bulls after setting a very convincing and healthy uptrend. The bulls are now looking for more healthy consolidation before the next leg up.
Analyst That Predicted Bitcoin Bottom Says the Digital Asset Will Surpass $8K
According to Twitter account Velvet, a cryptocurrency analyst that predicted the bottom of Bitcoin at around $6,600 is now saying that the digital currency will likely break above $8,000 and reach around $8,500.
$BTC is looking so Bearish… this is totally not a falling Wedge @ E wave @ Golden fib @ 50MA$BTC is definitely going to sub 1k now! it's over! No one expecting a bounce here, certainly not me! I'm short!
— 𝓥𝓮𝓵𝓿𝓮𝓽
(Guys, youaredoingawonderfuljob! keep *cough pretending *coughhttps://t.co/K5zCrCGFua pic.twitter.com/VoMvJUaW6E
丝绒 (@888Velvet) November 29, 2019
In a pretty sarcastic tweet where Velvet says he is bearish, the graph shows Bitcoin bouncing back up to $8,500. Velvet points out the 50-day Moving Average indicator as the culprit of the next bull move. Every time Bitcoin has crossed above it, the digital asset has surged significantly.Â
Good News for Bitcoin from Germany
It seems that Germany’s new proposed law will allow banks to sell Bitcoin and other cryptocurrencies by 2020. Although this is only a proposal and requires the consensus of 16 states, it’s still really important for the cryptocurrency market in general.
Currently, German banks cannot facilitate the sale of cryptocurrencies to clients.
“Starting in 2020, financial institutions will be able to offer their customers online banking, virtually at the touch of a button, along with classic securities such as stocks and bonds, as well as cryptocurrencies” – States Handelsblatt, leading German business newspaper.
“Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of [crypto assets].“ – Says Sven Hildebrandt, head of the consulting firm DLC.
Bitcoin seems to be reacting to the good news from Germany as the digital asset has just seen a 4% increase in price during the last 4 hours. Bitcoin investors are now looking at the next important level at $8,000 and the overall sentiment seems to be shifting in favor of Bitcoin.
The post Bitcoin Remains Largely Bullish And Could Soon Secure $8,500 appeared first on ZyCrypto.
