The latest cryptocurrency news show that the most dominant coin out there, Bitcoin BTC is trending higher and rising to a 24-hour high of $9,310 on exchanges – right after it dipped as low as $9,080.
In the coming altcoin updates, we can see that alternative currencies are also rising and forming support and resistance. The weekly trend for Bitcoin has seen the largest cryptocurrency range between $9,000 and over $9,500. BTC is trending higher than most altcoins today.
Probably the one exception as the altcoin news show, is the price of Tezos (XTZ) which managed to rise by more than 2% following the news about its listing on the largest cryptocurrency exchange OKEx.
Now, analysts are turning their attention to the possible bull run for Bitcoin (BTC) and the conditions for a more purposeful breakout as BTC nears $9,300. The truth is that no one knows whether this breakout will be up or down – but under the current conditions BTC is poised for an upward move.
According to the major analyst and statistician Willy Woo, the coming few months for Bitcoin (BTC) will first see a dip to $8,600 after which the gap in the futures markets will be fulfilled. This will also be the point where bullish action will begin to surface. Bitcoin needs a monthly close above $14,000 in order to secure a longer-term bull market.
“Once we get a monthly close above $14k, we’ll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that’s the best time to deploy capital,” Woo explained in a number of tweets this Monday.
As we reported in the news before, Woo is not alone with this prediction about the BTC/USD pair. Last week, the contributor filbfilb also eyed the potential for the pair to revisit the $8,000 region.
“Suspect there are a lot of over leveraged people in the 9300s with stops below 9k. Whales probably tempted to dump it and get a lower entry,” the analyst said in an update on his Telegram channel.
Currently, BTC is trending higher and just crossed the $9,256 mark with a 0.53% increase on the day. The market cap also managed to increase for a couple of billions which is another good sign for a potential bull run.
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