Over the holiday season, Bitcoin (BTC) has stalled in the low-$7,000s, finding itself stuck between heavy macro support in the mid-$6,000s and rather pertinent resistance in the high-$7,000s, which the cryptocurrency has been rejected by multiple times.
Despite this, a number of analysts are still bullish on the asset. One analyst recently drew attention to a fractal, suggesting that should BTC follow it, the price of the cryptocurrency could top $10,000 by February.
Related Reading: Early Bitcoin Adopter Throws Cold Water On Halving Narrative; Here’s Why
Bitcoin Ready to Surge Higher, Fractal Suggests
Asset analyst Bill Charison recently noted that the charts of gold and Bitcoin are eerily similar. Just look below, in which he notes that the two-day BTC chart and the one-day XAU (gold) chart are effectively identical to each other, sharing three distinct bouts of price action: a first correction, a second correction, then a falling wedge marking the local top.
Right now, the Bitcoin chart is lagging behind the gold chart, with gold surging decidedly out of the falling wedge depicted in yellow while BTC is undecided, stuck in the middle of the often-bullish chart pattern.
Charison notes that if BTC follows gold’s trajectory to a T, the cryptocurrency could trade above $10,000 — at least 33% higher than the current price of 25% — in February, and potentially surge even higher as we near the block reward reduction in May 2020.
Related Reading: Institutions Likely to Invest Big in Bitcoin in 2020; Here’s Why
Not Only Bullish Signal
It isn’t only this fractal that has analysts bullish on Bitcoin in the relatively short-term.
Cryptocurrency trader CryptoHamster recently noted that Bitcoin’s on-balance volume reading — an indicator which “uses volume flow to predict changes in stock price” — is printing a clear falling wedge pattern, a chart pattern marked by falling prices (or in this case, a reading) and a tightening range.
On-balance volume descending wedge is getting tighter.#bitcoin $BTC $BTCUSD pic.twitter.com/XT5EJDoQIW
— CryptoHamster (@CryptoHamsterIO) January 4, 2020
In this case, the falling wedge seems bullish, with the Bitcoin-related on-balance volume reading rallying, implying imminent continuation to the upside.
Not to mention, another analyst, this one going by Velvet, posted an analysis, showing that he believes Bitcoin is currently in the midst of reflecting a textbook Wyckoff Accumulation pattern: a strong decline, a recovery and false breakout constricted by resistance, a drop to set a fresh bottom lower than the original, failed attempts to break past resistance, then a final shakeout prior to a surge back to pre-decline levels.
Related Reading: Why Bitcoin Investors’ HODL Mentality Means a Price Surge Is Coming
Right now, as Velvet suggested, Bitcoin is in its final shakeout phase of the pattern, with the price recently dropping to the $6,800s. Should this textbook technical analysis pattern play out exactly as the studies of Richard Wyckoff, a noted technician, says, BTC is likely to break $9,000 and maybe $10,000 by the end of January.
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Bitcoin is pressing higher after consolidating in the mid-$11,000s for a number of days. As of the time of this article’s writing, the leading cryptocurrency trades for $11,800. BTC is up 2% in the past 24 hours, underperforming Ethereum’s 10% performance.
After holding in the low-$9,000s, Bitcoin finally saw a breakout recently. The cryptocurrency liquidated $15 million worth of BitMEX short contracts as it shot as high as $9,800 during Monday’s trading session.
Bitcoin’s price action over the past few weeks has been “boring” to many traders. Due to similar indecision in the equities market, which has influence over what direction cryptocurrencies will head, BTC has stalled in the $8,000s and $9,000s from early May until now.
Over the holiday season, Bitcoin (BTC) has stalled in the low-$7,000s, finding itself stuck between heavy macro support in the mid-$6,000s and rather pertinent resistance in the high-$7,000s, which the cryptocurrency has been rejected by multiple times.
Earlier this year, in late-September, prominent Bitcoin analyst FilbFilb posted this chart below, showing that he expects for BTC to jump by dozens of percent to near $10,000, then collapse to the low-$6,000s to interact with the “miners bottom range.
While Bitcoin saw a 10% jump this week, rallying from the multi-month lows of $6,400 to surge as high as $7,300, there is still a sentiment in the cryptocurrency market that a return to the $6,000s, then a drop to the $5,000s is entirely feasible.
In June, when Bitcoin was soaring above $10,000, nearly every trader and their mother expected the cryptocurrency to continue rocketing higher. Though, one analyst incessantly called for rationality to return to the crypto markets, claiming that this surge above $10,000 was a clear overextension of BTC’s long-term growth curve.
According to a recent analysis done by Byzantine General, the SuperTrend indicator for the one-week Bitcoin chart has flipped red, meaning bearish, after a multi-month bullish period seen earlier this year.
Over the past week, Bitcoin has found itself flatlining, establishing a tight range in the low-$7,000s as volume tapers off. This consolidation has forced the Bollinger Bands, a moving average-based technical analysis tool often used by traders looking for more information about trading ranges and volatility, for Bitcoin to reach extremely tight levels, implying that.
Over the past week, Bitcoin has found itself flatlining, establishing a tight range in the low-$7,000s as volume tapers off. This consolidation has forced the Bollinger Bands, a technical analysis tool often used by traders looking for more information about trading ranges and volatility, for Bitcoin to reach “squeeze” levels, implying that volatility is on […]
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Over the past few weeks, Bitcoin (BTC) has found itself consolidating in the low-$7,000s, holding this key support region as bears threaten the cryptocurrency’s demise. While this consolidation has been bullish, in that selling pressure has abated for weeks, setting the stage for a bullish reversal, a market cycle analysis by a popular crypto trader.
Skeptics will argue against Bitcoin’s success tooth and nail, especially now that the cryptocurrency is stuck in the lower $7,000s with almost panic-instilling further dips every now and then.
After hitting $6,600, Bitcoin (BTC) saw a strong price bounce, returning to $7,800 just yesterday. This marked an increase of nearly 20% from the bottom, making some convinced that the bottom is in.
Bitcoin price could retrace back to the $6,000 region but is unlikely to drop to the $5,000s, according to a prominent cryptocurrency trader.
The post Analyst Who Called Bitcoin Price Plunge Cools Sub-$5000 Fears appeared first on CCN.com
The recent plunge in the crypto markets has pushed Bitcoin (BTC) to a “make or break” point — the 21-month simple moving average, which sits in the high-$6,000s at current. As analyst Byzantine General recently pointed out in a recent tweet, this level has been the point at which BTC has bounced in two previous.
After plunging to $6,800 on Friday, Bitcoin (BTC) has been subject to some reprieve; the cryptocurrency now trades at $7,300, up some 8-odd percent from the bottom. While this bounce is somewhat positive for bulls, especially considering the historical importance of the high-$6,000s, a key indicator suggests that there may be more pain to come.
Over the past day or two, Bitcoin (BTC) has started to settle in a price range, the low-$8,000s. As it stands, the crypto market seems somewhat directionless, stuck between resistances and supports above and below its current price.
While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.
On Friday, the Bitcoin (BTC) market took a turn for the worst. The leading cryptocurrency, as reported by this outlet, tanked from $9,250 to $8,700 in a number of hours, with bulls running out of steam.
As Bitcoin (BTC) has entered a launchpad-like state, finding itself in a lull as sentiment is beginning to trend positive again, institutions have started to accrue long positions of the cryptocurrency.
While there are some bearish technical signals for Bitcoin, the cryptocurrency has managed to hold the $9,000s against the odds. As of the time of writing this, BTC is changing hands for $9,250, up a mere 0.
Once again, true to the nature of this purgatory phase in the crypto markets, Bitcoin (BTC) has been relatively flat over the past 24 hours. According to Coin Market Cap, the leading cryptocurrency is up a mere 1% in the past 24 hours — effectively nothing when you factor in this market’s often immense volatility.
Another week, another round of Crypto Tidbits. Bitcoin (BTC) saw a relatively mild week in terms of price action; the cryptocurrency market effectively ended the week where it started, and no decisive momentum was built to the upside or downside.
Bitcoin has spent another day in consolidation following a roller-coaster ride last month. This year has had similar ups and downs in terms of BTC price but fundamentally the network is going from strength to strength.
Ouch. Over the past few hours, Bitcoin has finally seen some volatility play out after a multi-week lull, plunging below $7,500 after holding in the low-$8,000s for days on end. Per previous reports from NewsBTC, this move largely caught traders off guard, with there being a massive long liquidation event of over $200 million on.
While mere days ago analysts were calling for Bitcoin (BTC) to correct higher to $9,000 and potentially even higher, this bullish scenario has not panned out. On the contrary, in fact. Since the weekend, the leading cryptocurrency has returned to $8,000 and has even started to flirt with the $7,000s once again.
Over the past few days, Bitcoin (BTC) has started to settle in a price range, the low-$8,000s. For now, the cryptocurrency seems directionless, stuck between resistances and supports above and below its current price.
Another week, another of Crypto Tidbits. After last week’s collapse, Bitcoin (BTC) took some time to settle, finding itself trading in the low-$8,000s for an extended period of time. Analysts are currently divided over what this consolidation means for the cryptocurrency market’s short-term future, with some even arguing that this is a precursor to another bear.
Bitcoin bears have continued to flex their muscles into Monday morning. After closing the week at a massive loss, with BTC posting its worst performance since November 2018’s capitulation event, bulls failed to make their presence known.
The big move that everyone was waiting on finally came a few hours ago. Bitcoin (BTC) price was smashed to a three month low of $8,000 while crypto markets shed over $30 billion in the resultant altcoin exodus.
By CCN Markets: The bitcoin price suffered a massive setback on August 28th, crashing through support at $10,000 before testing the low $9,000s. We warned that this dump would eventually happen, and unfortunately for bulls, technical analysis reveals that the pain isn’t over yet – not even close.
Just 72 hours ago, Bitcoin investors were bullish. After remaining in the low-$10,000s for a number of days, the cryptocurrency suddenly broke out, moving past key resistances. It even tapped $11,000 after a surge of buying pressure.
For the umpteenth time in a matter of weeks, a recession indicator has started to flash. Bitcoin, which has begun to be classified as a “safe haven” asset, may stand to benefit from such a move in traditional financial markets.
Despite the fact that Bakkt finalized a launch date for its much-ballyhooed Bitcoin futures, the cryptocurrency market has failed to rally. Per the time of writing this, the leading crypto asset is currently trading for $10,150 a piece, down 2% in the past 24 hours.
The price of the top cryptocurrency Bitcoin has been sideways for a while since it dropped from the yearly high of $13,300. It has slumped to mid $9,000s a number of times which some considered an opportunity to buy again.
There is a bit of chaos in the cryptocurrency space following the dip Bitcoin has experienced from well over $11,000 to the mid $10,000s. Whatever may be the reason for the crash, Morgan Creek partner and Co-Founder Anthony Pompliano says even a crash of 50% will still leave Bitcoin ahead of the S&P 500.
Bitcoin has started making some progress after a week-long dip to the mid $9,000s. While many analysts believe the recovery is going to last for a while, another analyst, Joe Mccan has a reason to believe this could last much longer.
The cryptocurrency market has been moving sideways especially for Bitcoin which has crashed significantly from the 2019 high of over $13,000 to the current $9,000s. While the crypto community is hoping things will turn around soon and Bitcoin will start rising to a new high for the year, the crypto analyst known on Twitter as […]
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A big move was expected for bitcoin price and it came yesterday with a swift plunge back into four figures. The move resulted in a $15 billion dump from crypto market capitalization as altcoins blindly bled out in the shadow of their big brother.
Another day, another milestone passed. Bitcoin’s inexorable rise from December 2018’s bottom to break $12000 has been astonishing in its speed. So what could lie ahead? Crypto-Spring Is Here, Courtesy of Bitcoin Barely six months ago we were engulfed in our darkest hour.
Consensus is in that the bull run has officially returned. From local bottoms in the low US$3,000s, Bitcoin has boomed almost four times to its current position of $11,400. For many, this has been a phenomenal first half of the year.
Bitcoin Triggers FOMO As you likely know, Bitcoin (BTC) has surged past $10,000. In a jaw-dropping move on Friday, the cryptocurrency rallied past key resistance levels in the $9,000s to surpass $10,000, reaching as high.
While it was only a little more than six months ago that Bitcoin price was trading in the low $3,000s, where it set its bear market bottom and multi-year low, already the crypto asset is trading at over three times the value it was such a short time ago.
Analysts: Bitcoin Market To Be Bountiful For Several Years It’s merely days since Bitcoin broke above the $9k resistance amid a lot of buying pressure. That’s after it previously touched the $9k level only to retrace way back to the $7k range and then back up to the $8,000s.
The Importance of Bitcoin At $10,000 Ever since Bitcoin (BTC) has entered the upper-$8,000s and low-$9,000s, analysts have been eyeing $10,000. They see this level as a validation of Bitcoin’s validity as a viable asset.
And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,300 where it stands right now.
Bitcoin doesn't seem to let go off the $600 range it is stuck in. Each day, it takes a jump and crosses $8,000 giving us hope that today might be the day when the flagship cryptocurrency will make it good above $8,000 level, but till now it hasn’t. Todays’ BTC/USD range has been $7,821 and […]
Bitcoin Bulls Return as BTC Taps $8,000 Bulls are looking to take control of Bitcoin (BTC) after a week of boring price action. In the past 48 hours, BTC has tried to convincingly break past...
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Bitcoin Still in Overbought Range Bitcoin (BTC) may seem like an unpredictable asset, but through its decade of existence, patterns have been found. One of these patterns, or rather a multitude of them, is currently.
Historically, Bitcoin has achieved all-time highs (ATH) on November 28 in both 2013 and 2017. With November 28, 2024, imminent, investors are speculating whether Bitcoin could reach the $100,000 mark on this significant date.
Despite Bitcoin's recent rally, on-chain data reveals the bull market still has plenty of room to grow. Metrics like the MVRV Z-Score, NUPL, and Puell Multiple suggest Bitcoin is far from overheated, pointing to potential for significant upside in the months ahead.
As October approaches, investors are looking ahead to what the month will bring this time around for Bitcoin and the entire crypto industry. Historically, October (often referred to as “Uptober”) has been a month of significant upward momentum for Bitcoin since the crypto’s creation.
Bitcoin fell to lows of $56k again as crypto dumped amid a fresh surge in stocks. Many altcoins are mirroring this dump, including Polygon and Bitcoin Dogs. Yet, as the market experiences new downside pressure at the start of a historically tough September, most experts are doubling down on a bounce for Bitcoin in coming […]
The post 0DOG and MATIC price prediction amid Polygon’s token swap appeared first on CoinJournal.
The cryptocurrency market experienced a significant rally last week, providing a much-needed boost for many short-term speculators to turn profits. Bitcoin led the charge, surpassing the $64,790 mark, though the momentum appeared to have eased by the time of writing.
Both experienced traders and experts are drawn to Litecoin (LTC). Declaring it “about time for LTC to wake up,” John Bollinger, the author of the well-known Bollinger Bands, recently hinted to an upcoming change for LTC.