Bitcoin (BTC) has had a fairly quiet period in the past few days and has been in the low $ 7,000 range since Christmas. Despite this lull, analysts now see signs that the cryptocurrency is trying to break through.
Analyst Mexbt, for example, believes that BTC will soon “test weekly and monthly opening” – i.e. the range between “$ 7,509 to $ 7,549”, possibly this weekend. This would mean a 5% recovery from the current level.
This claim was confirmed by prominent crypto commentator and analyst Flood. According to him, the price of Bitcoin will soon return to $ 7,600. The cryptocurrency appears to be “ready to jump up here.”
The comments follow statements by the trader SmartContracter. He writes: If Bitcoin manages to break $ 7,650, the price of the asset will “fly”. This draws attention to the fact that the weekly chart is starting to favor bulls due to a massive swing failure pattern.
The meaning of the $ 7,650 mark is that it is the cutout of an inverse head and shoulder trough pattern that could mark an end to the macro downtrend that has been plaguing Bitcoin for months.
This raises the question of whether BTC can go beyond $ 7,650. Can the cryptocurrency make its next bullish move up?
According to analysts, with certainty. They claim that there is a mix of fundamental, technical, and on-chain factors that all indicate Bitcoin is ready to rise higher and close slightly above $ 7,650.
Bitcoin indicators signal strength
Su Zhu, CEO of the Forex and crypto fund “Three Arrows Capital”, also writes on Twitter: He believes that the Bitcoin price looks rather bullish with regard to the 2020 price.
The prominent industry commentator, who has written some excellent articles about the Bitcoin industry for his blog, believes that after analyzing the BTC / USDT trading pairs and their premiums for the BTC / USD markets and the general price action on Bitcoin “Gives clear signs of accumulation and the return of money to risk”.
He concludes that he would not be surprised if the leading one cryptocurrency before the end of January was over $ 9,000 – around 25% above the current prices.
Text credit: newsbtc