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.
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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.
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
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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
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Nick Chong, Khareem Sudlow
