A new BTC analyst opinion is everywhere in the latest cryptocurrency news, showing that there is a nice trendline which Bitcoin could follow on its path to new heights. Over the past few days, we saw that the dominant cryptocurrency has found itself in a lull which was for a good reason – after the 42% surge in under 24 hours, it makes sense for the crypto market to want to take a breathe.
Despite the fact that it makes sense for BTC to see a period of calm and a possible retracement, it is normal for such things to occur after a monumental surge higher. Many analysts have flipped bearish by this.
In fact, as reported on our website and in the Bitcoin news updates, a BTC analyst opinion shows that the dominant cryptocurrency is poised to rise by a new 50% and visit the $14,000 region – more likely than it could fall to lows of $6,000 or $7,000 as other analysts noted.
The idea is simple – this region is where there exists a confluence of technical levels, which is why many think that Bitcoin (BTC) will retrace again. However, with the candle for the month of October recently closing relatively strong above $9,000, some believe that it is only a matter of time before the crypto market continues to mount higher and kickstart the second phase of this ongoing bull cycle.
The trader HornHairs is the BTC analyst opinion today – noting that he “likes the chance we hit $14,000 before $7,000.” When compared to the scenario of BTC falling to $7,000, he believes that the cryptocurrency has a bigger potential to go to highs in the $14,000 region.
This has much to do with the fact that Bitcoin has just bounced from a lower region. As he remarked in a recent tweet, with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle and the Point of Control all show that a move may be coming.
$BTC Monthly confluence
+1M bullish breaker
+Volume Profile HVN/PoC
+Inside bar fakeout
I like the chances we hit $14,000 before $7,000. pic.twitter.com/0l1VlDAmA0
— HornHairs 🌊 (@CryptoHornHairs) October 31, 2019
The fundamentals also support the growth of Bitcoin. As another BTC analyst opinion showed, the Federal Open Market committee has lowered its benchmark funds rate by 0.25% which is the third cut this year.
The dropping interest rates are expected to benefit the Bitcoin ecosystem and the US market. According to the well known analyst Tom Lee and his recent interview with Fox Business:
“Bitcoin’s becoming increasingly a macro-hedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.”
Fundamentals aside, Bitcoin is rising today and may visit the $9,500 region if the trend line continues.
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