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It is looking increasingly likely that the recent Bitcoin price dip to lows of $6,500 will mark a long-term bottom for the cryptocurrency, as its bulls have been able to propel its price higher and sustain their momentum, with the Bitcoin (BTC) price now targeting a movement to $8,000.
Analysts are now noting that Bitcoin is clearly shifting its recent downtrend in favor of its bulls, which may mean that significantly further upside is imminent for the cryptocurrency.
Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, explained in a recent tweet that he believes Bitcoin is currently expressing signs of showing a clear long-term bottom. “My current $BTC roadmap. Should be obvious why I believed $8000 “will trade again soon”, it’s where downtrend accelerated. The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive. Nothing to chase if not long IMHO,” he explained while pointing to a couple charts seen in the below tweet.
In other Crypto news today…
Accurate trader calls for a $1,000 Bitcoin and destruction of Crypto industry.
Whatever the case may be, one crypto analyst who has made a string of accurate calls in the past, is now saying that Bitcoin will go “to the $1,000 range.”
The analyst explains that this would be “good for crypto” as it would “destroy investors and projects,” claiming that’s exactly what the space needs. He also tweeted the following regarding the Ripple XRP price, “While I love XRP (and I do believe that it is superior to all other cryptocurrencies) if BTC falls to the 1000 range as I’m currently anticipating, I think XRP could simultaneously fall to 0.03. I hate to report that, but that’s what the charts suggest, if BTC falls to 1000.”
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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.
Show Notes / Resources:
Some ways to determine an asset is in a bull market:▷ Percent from bottom before equivalent drop from top, e.g. 20% for stocks, say 50% for bitcoin.▷ Moving averages, e.g. price>200DMA, 50DMA>200DMA.▷ Price relative to key levels, e.g. above X.
▷ Rise over X time.
— Alex Krüger (@krugermacro) July 27, 2019
My current $BTC roadmap. Should be obvious why I believed $8000 “will trade again soon”, it’s where downtrend accelerated.The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive.
Nothing to chase if not long IMHO. pic.twitter.com/uPzJpKqd6f
— Alex Krüger (@krugermacro) November 29, 2019
$BTC gameplanNo need to overthink it, if we break $7.4k I’ll be looking for longs.
Really hope we find the strength to do so, not necessarily for the increase in price, but to get the chance to play such clean levels again. pic.twitter.com/3Tkpo5mbNi
— HornHairs 🌊 (@CryptoHornHairs) November 27, 2019
Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry
Bitcoin is a Clear Long After Forming Textbook Bottom, Claims Analyst