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Since the Bitcoin price tapped $6,500 in late-November, analysts have been wondering if the bottom is really in.
The BTC price bounced by 20% from $6,500, hitting $7,850 just a week after that.
Now, Bitcoin (BTC) is currently trading at just above $7,500, 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.
Why BTC Could Jump 15%: Popular trader Mr. Chief (or Halo Crypto) recently noted on Crypto Twitter 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 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. Also 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.”
In other Crypto news today,
Deutsche Bank Research: Crypto to Replace Fiat Currencies by 2030 By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.
In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies.
Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.