Since hitting $9,000, the crypto asset has paused, retracing to $8,950 as of the time of writing this as Bitcoin seemingly encountered vast selling pressure at $9,000.
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While the cryptocurrency has yet to make a daily price close above they key $9,000 level, analysts say that it sets a positive precedent for this market’s trend. In fact, a prominent trader says that a 30% rally to $11,500 might just be next.
This should lead to equally as bullish price action for other crypto assets, including Ethereum, XRP, and the rest of the nine yards, so to speak.
Crypto Indicators Flip Bullish Across the Board
Indicators all over the crypto market have recently flipped bullish, implying another leg higher is imminent.
Adaptive Capital’s Murad Mahmudov, formerly of Goldman Sachs, recently wrote on Twitter that “bears are deluded at best, dishonest at worst,” drawing attention to the below chart which shows that BTC has crossed above a number of key moving averages. These are including but not limited to the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA.
bears are deluded at best, dishonest at worst pic.twitter.com/mHedoqmSwL
— Murad Mahmudov