Ever since Bitcoin (BTC) tapped $6,500 in late November, we could see that analysts were wondering if the bottom is really in. In the latest Bitcoin news, we can see that the leading cryptocurrency managed to post a new jump for BTC by 20% from $6,500 and hit $7,850 just a week after that.
At press time, BTC is trading at $7,500 and is seemingly trying to establish a market trend for the coming week. Even though some say that Bitcoin is unable to move past the resistance in the high $7,000 area and is decisively bearish, one analyst thinks that the odds are leaning in favor of bulls.
The popular trader Mr. Chief (also known as Halo Crypto) recently said that there could be a new jump for BTC and that the ball is finally entering the playground of the bulls. He also noted that the inverse chart of Bitcoin shows that the cryptocurrency has broken below (above) a key – a trend line which has been in place for over six weeks. The asset is right now situated in a descending channel which implies a potential move to $8,500.
A move to $8,500 would mark a 15% rally from the 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
However, it is not only halo that is expecting a new big jump for BTC. According to previous reports by Willy Woo who is a popular on-chain metrics analyst, a proprietary indicator lets him believe 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,” Woo said.
There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a “strong” fashion.
It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.
At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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