Analysts Expect Bitcoin Will Increase By 10% As Bulls Come Strong

Analysts expect that after last week’s bloodbath, Bitcoin will start to settle very soon since the benchmark cryptocurrency found some stability around $8,350, trading 2% on the upside on the day. As we are about to read more in the coming bitcoin news today, the other altcoins also started to stabilize and flip green following the footsteps of the major cryptocurrency.

Some of the analysts expect that although the bullish trend hasn’t started yet, the cryptocurrency market will settle itself into achieving more price gains in the coming days and here is why. While the fears around Bitcoin’s drop last week are still mongering, the bulls are starting to return to the market and Bitcoin seems to have staved off the price collapse under $7,000 which the analysts would have preceded a massive capitulation event to $7,000.

The founder of Brave New Coin Josh Olszewicz noted that Bitcoin’s charts are showing a number of positive signs. These include the developing of the short-term inverse head and shoulders pattern and a bullish Williams Alligator indicator. The analyst believes that Bitcoin will top out in the $9,100 region and in the $9,400 region as well as there is some horizontal resistance since the 200 exponential moving average and the 50 percent retracement moves. Oleswicz is not the only analyst that eyes the price appreciation or Bitcoin and the indicator created by the Financial Survivalism is based on the parabolic SAR which was recently printed by a buy signal on the one-day Bitcoin chart. As it was reported previously in the crypto news, the macro investor and gold proponent Dan Tapiero pointed out that Bitcoin’s price chart showed a massive bull signal.

Tapiero noted that the last time this was a buy signal was seen at the beginning of this year when the cryptocurrency traded at $3,600. No matter how the trends turn out to be for Bitcoin, it is important to note that the cryptocurrency market is entering a very important time as the trend of the next few days may decide in which direction Bitcoin is headed by the end of the year. Bitcoin’s technical indicator is in a precarious position and the price is above 12-week EMA.