Bitcoin‘s price has been on a bull run over the pass couple of days, taking alone the majority of altcoins for the ride. The new Bitcoin rally shot the price near $8,000 for the first time in weeks.
Currently trading at $7,927 (+6%) dollars per coin, some analysts are predicting that Bitcoin is poised to break resistance and reach at least $8,000 by the end of the week. Is the new bitcoin rally or surge the start of something bigger than merely an erratic price surge?
Although the price of bitcoin has been rallying over the past couple of days, some analysts are skeptical of the new momentum. Traders, on the other hands, are viewing this new Bitcoin rally as a bullish trend that will last this time around.
New bitcoin rally is here to stay
Crypto analyst, Josh Olszewicz, who is involved with the market data on demand project, Brave New Coin recently observed an inverse chart pattern. The patter noted that Bitcoin has bottomed out and ready take off.
Olszewicz stated that BTC’s price should $7,525. That price point was reached earlier today. He also claim BTC will rally $8,100 from to $8,700 once the $7,525 price point is breached. That’s a 8% and 16% price surge.
We’re not yet sure of a $8,700 in the near future, but he was spot on with the first prediction. In fact, BTC shot pass $7,525. Mr. Olszewicz outlined a few important resistance points Bitcoin has to break.
Amongst the key resistances are, the “200-day exponential moving average, the daily Ichimoku Cloud, a yearly pivot point, and the weekly 20 moving average.”
Bitcoin long-term bulls re-emerging
CryptoZink reported the release of Bitcoin Hash Ribbons’ “buy signal” on Jan. 3rd. According to previous reports, only 10 of those signals are ever released.
And BTC’s price surged to 5,000%+ each time. Could this week’s bitcoin rally solidify HB’s reputation as the most accurate and profitable market signal?
Su Zhu, CEO of Three Arrows Capital; a cryptocurrency & forex fund tweeted on Dec. 28 that Bitcoin price is seriously bullish going into the year 2020.
Zhu cited BTC/USDT and BTC/USD trading pairs analysis price actions as evidence for his BTC bullish price prediction.
BTC/USDT premiums and price action show clear signs of accumulation and money flow back into risk.
Would not surprise me to see 9K+ before end of Jan.
— Su Zhu (@zhusu) December 28, 2019
Raised in the U.S., Anton has a B.A. in economic history and has been in the cryptocurrency industry since 2017.