Bitcoin (BTC) has continued to rip higher over the past few hours into the daily close. As of the time of writing this article, the cryptocurrency has just breached $8,300 for the first time in some six weeks, reaching as high as $8,360 as bulls have stepped in en masse.
While some say it is too early to tell whether or not this is a full-on reversal, analysts are becoming certain that Bitcoin has legs to run to at least $9,000 from here. Here’s why.
Bitcoin Price Has Legs to Run, Analysts Say
CryptoWolf pointed out that with Bitcoin decisively retaking $8,090, the top of a horizontal resistance level that has acted as a key region in the past, BTC is cleared for a move to $9,500 — around 13.5% above current prices.
Indeed, the low-$8,000s previously acted as a strong base for a rally and $9,500 acted as a key resistance, making it possible that a similar move could take place.
8090 HIT. pic.twitter.com/GY3go2hWiH
— CryptoWolf (@IamCryptoWolf) January 7, 2020
The technicals agree that the momentum for the cryptocurrency market remains positive.
Per previous reports from NewsBTC, trader Byzantine General noted that while BTC is slightly stalling, the four-hour chart just printed a 50 exponential moving average and 200 exponential moving average bull cross, suggesting bulls are decisively in control.
Also, Adaptive Capital’s new analyst, CL, recently argued that Bitcoin’s four-hour chart is showing clear signs of a reversal on a medium-term basis. The trader and chartist specifically looked to the Bollinger Bands indicator, which he claims shows a bullish trend is currently emerging:
“When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges. There is not much more to say, I will be buying dips. Send it.”
When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.
There is not much more to say, I will be buying dips. Send it. pic.twitter.com/GB1RA4M62n
— CL (@CL207) January 7, 2020
Also, Josh Olszewicz, analyst at Brave New Coin, found that the price of Bitcoin on Coinbase is at a slight premium to the price of the leading cryptocurrency on Bitfinex. This is purportedly an extremely bullish signal that underscored much of the cryptocurrency market’s rally seen in 2019.
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
The group also increased its bitcoin holdings last quarter for the first time since March, holding nearly 84,000 BTC worth about $7.8 billion as of year-end.
Bitcoin has reached a landmark moment in its history earlier today, crossing the $100,000 price mark for the first time and cementing its position once again as the largest cryptocurrency by market capitalization.
Bitcoin reached the milestone on December 5 Over the past 30 days, Bitcoin has increased in value by nearly 50% and 140% in YTD value It comes as President-elect Donald Trump named Paul Atkins as the next US SEC chair Bitcoin has reached a new all-time high, hitting $100,000 for the first time, continuing its […]
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Bitcoin has once again been the center of attention following its recent surge to a new all-time high, only to face a subsequent downturn that tested the resilience of its market value. A few days ago, Bitcoin traded at $69,328 for the first time ever, but It experienced a pullback, dipping to the $59,000 region before regaining its footing and stabilizing above the $66,000 mark.
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Bitcoin (BTC) has crossed the $50,000 threshold for the first time since December 2021, suggesting that this is the best moment to accumulate it. This positive outlook has coincided with a big spike in the cryptocurrency market.
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After hitting $38,000 for the first time this year last Friday, Bitcoin has been unable to break through the critical $38k resistance level over the weekend. At the time of writing, Bitcoin is trading at around $37,400, according to CoinMarketCap.
Historical data suggested that Bitcoin’s value will not go below a support level.
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This significant advancement was made possible by ZetaChain.
SUSHI pumped 17% on the news of BTC's integration.
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Robert Kiyosaki has predicted that Bitcoin's price is going to reach $100,000. Michael Saylor is aiming for $1 million. Is it a good time to start buying?
At press time, buying pressure was stronger than selling pressure in the market.
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Bitcoin has once again flashed another particularly deadly formation that often sends its price into a downward spiral. This time around, a death cross that has not been seen in the digital asset for more than one year has appeared again.
Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption.
Surpassing 2022 figures in the process.
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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