One prominent analyst is now noting that Bitcoin’s inability to stabilize above $10,000 following this rally may bolster the bearish “echo bubble” narrative that many analysts have been entertaining over the past couple of months.
Bitcoin Finds Continued Support at $8,000
At the time of writing, Bitcoin is trading down over 2% at its current price of $8,190, which marks a slight climb from its daily lows of $8,000, which is where the crypto has been able to find continual support at over the past day.
Bitcoin has been slowly grinding lower over the past several days and weeks, finding multiple support levels before trading sideways and ultimately breaking down to set lower lows.
It remains unclear as to whether or not this bearish pattern will continue to persist in the near-term as BTC consolidates around $8,000, but one analyst does believe that the crypto will soon post a large upwards movement.
HornHairs, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that the demand for BTC around its current price range, as well as a few other factors, have led him to believe that this current price level will mark a mid-term bottom.
“$BTC: I’ve stuck to LTF scalps since the pump but am now looking to hop into a longer time frame swing trade here on the buy side. Bullish MS break on the weekly (higher high), price retracing back to the fib OTE, yearly pivot, weekly demand & daily bullish breaker,” he explained while referencing the chart seen below.
$BTC
I've stuck to LTF scalps since the pump but am now looking to hop into a longer time frame swing trade here on the buy side.
Bullish MS break on the weekly (higher high), price retracing back to the fib OTE, yearly pivot, weekly demand & daily bullish breaker. pic.twitter.com/K00bmTvrNv
— HornHairs
License.
