BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why

Since Bitcoin (BTC) tapped $6,500 in late-November, analysts have been wondering if the bottom is really in. You see, the leading cryptocurrency bounced by 20% from $6,500, hitting $7,850 just a week after that.
Now, the crypto is trading for $7,400 a pop, seemingly trying to establish a market trend for the coming week. While some say that Bitcoin’s inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.
Related Reading: Crypto Tidbits: Deutsche Bank Gives Nod to Bitcoin, EOS to Host Social Media, France Digital Currency
Why BTC Could Jump 15%
Popular trader Mr. Chief (or Halo Crypto) recently noted that the cryptocurrency ball is finally entering the court of the bulls.
He noted that the inverse chart of Bitcoin has shown that the cryptocurrency has broken below (meaning above) a key, some would say the penultimate,trend line that has been in place for over six weeks. The asset is also situated in a descending channel (actually an ascending channel) that implies a move to $8,500 is “definitely on the table.” A move to $8,500 would mark a 15% rally from current price levels.

$BTC #Bitcoin
Bullish on BTC in the near future
$8k is safe bet $8.5k is definitely on the table pic.twitter.com/6IW77wF3TT
— Mr Chief (@HaloCrypto) December 7, 2019

Related Reading:  Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky
Bitcoin Bottom in; Upside Likely
It isn’t only Halo that is starting to see bullish trends form on Bitcoin’s price charts.
Per previous reports from NewsBTC, Adaptive Capital’s Willy Woo, a popular on-chain metrics analyst, noted on Dec. 7 that a proprietary indicator his fund uses is implying that the usage of the Bitcoin network is implying that bulls will soon gain the upper hand again:
“On-chain momentum is crossing into  bullish  [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view.”
There’s also Glassnode, a crypto-centric on-chain intelligence firm, which noted just recently that their metrics suggest that Bitcoin is bottoming and  slated to revert higher in a “strong” fashion .
One such metric that Glassnode drew attention to was that the Market Value to Realized Value (MVRV), the ratio between market cap and realized cap, is “consolidating towards one,” which implies that gains are being realized by crypto asset investors. A reading of one for the ratio often marks a bottom for the cryptocurrency market.
Related Reading:  Researcher: Bitcoin is Alive and Well, Price Still in Macro Uptrend
Featured Image from Shutterstock
The post 15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why appeared first on NewsBTC .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News


Buy Bitcoin online in ANY country, supporting 80+ Payment methods!