Bitcoin May Have Just Short-Term Bottomed Before New Rally

Today’s Bitcoin and altcoin news show that there are a lot of spikes on the market and most of the cryptocurrencies are in the green, mostly because of the latest spike by BTC which led the cryptocurrency above $7,000 once again. According to analysts, Bitcoin may have just short-term bottomed with the recent fall to $6,500 and is now prepared to rise again.

The 14% bounce, however, could also be a bull trap which still remains a huge possibility. This week has been grim for BTC which has dumped 8.5% from $7,100 on Monday to a bottom of $6,500 just yesterday. From what we see now, Bitcoin may have just signalled that bulls are back in and its 14% surge during late trading yesterday made it top out at $7,450.

Now, the situation is quite different and BTC has stabilized to levels above $7,000. However, analysts and traders were excited mostly because this may have been the largest single upward movement ever since China drove pump at the end of October this year. So on that note, bullish sentiment is back and Bitcoin may have just reversed, being ready to surge again.
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Peter Brand was one of the analysts who said that BTC “has apparently held at important support” outlining a chart which shows a pattern that prevented BTC from rising.

Bitcoin $BTC has apparently held at important support pic.twitter.com/VqdX7B6Mmh

— The Factor Report (@PeterLBrandt) December 18, 2019

Another analyst in the news was Alex Kruger, who said that Bitcoin may have just established a bottom and asked his followers if they think the same.

Does this look like a THE $BTC bottom to you?

(THE bottom = long term bottom, holds beyond the halving) pic.twitter.com/keEQbAIVOB

— Alex Krüger (@krugermacro) December 18, 2019

From the respondents (around 3,000) we could see that the opinions were split. Even 42% of them were not confident that the bottom was in yet indicating that it may have been a short-term thing and that another dip is on the way.

The Bitcoin news now show that the leading cryptocurrency has pushed the market to new heights. However, the total market capitalization is still well below $200 billion and BTC has a lot more work to do if it wants to be seen as a bullish cryptocurrency once again.

Bitcoin may have just bottomed out. It is the next movements which will show whether this is true or is just another false scenario.