08 Dec

15% Jump to $8,500 up for grabs for Bitcoin Price; Analyst Explains Why

Since Bitcoin (BTC) tapped $6,500 in late-November, experts have been wondering if underneath is actually in. You observe, the best cryptocurrency bounced by 20% from $6,500, striking $7,850 only a week from then on.

Now, the crypto is trading for $7,400 a pop, apparently trying to determine a market pattern for the arriving week. Although some say that Bitcoin’s failure to move at night level of resistance in the high-$7,000s is decisively bearish, an analyst has said that the chances are leaning in the favour of bulls.

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.

Bitcoin Bottom level in; Upside Likely

It isn’t only Halo that is beginning to see bullish styles form on Bitcoin’s price graphs.

Per previous reviews from NewsBTC, Adaptive Capital’s Willy Woo, a favorite on-chain metrics analyst, noted on Dec. 7 a proprietary indication his account uses is implying that the utilization of the Bitcoin network is implying that bulls will soon gain the top hand again:

“On-chain momentum is crossing into bullish [place]… Underneath is most probably in, any [move] lower will be only a wick in the macro view.”

There’s also Glassnode, a crypto-centric on-chain cleverness firm, which mentioned just lately that their metrics claim that Bitcoin is bottoming and slated to revert higher in a “strong” fashion.

One particular metric that Glassnode drew focus on was that the marketplace Value to Realized Value (MVRV), the percentage between market cover and realized cover, is “consolidating towards one,” which means that benefits are being realized by crypto asset traders. Areading of 1 for the proportion often marks a bottom level for the cryptocurrency market.

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