Why Analysts Think BTC At $7,500 Is Just The Beginning

The past few hours were great for Bitcoin and as we can see in the latest cryptocurrencies news, most of the altcoins rose to new heights as well. The most dominant coin has begun to gain momentum once again and pushed past $7,400 after remaining trapped under this level for the past two-odd days. Below, we are listing all the reasons why analysts think that this is just the beginning of a new bullish run.

At the time of writing this, Bitcoin (BTC) is trading at $7,505 and is relatively stable. It managed to post slight gains in the past few hours and this could continue as the day goes by. The latest Ethereum news also show that the biggest altcoin out there is stable at above $135 and may try its luck by pushing to the $140 levels very soon.

But why analysts think that this is only the beginning of a new run – and why some of them even predict $9,000 as the new levels for Bitcoin?

Well, one crypto trader named Livercoin posted a tweet stating that he believes Bitcoin has been trading like a textbook Wyckoff Reaccumulation-esque pattern in the past few days. He shows that if this is true, BTC will break higher and higher in the coming days in an upward move that will bring it back to the high $7,000s.

Hi, I am Livercoin and I like wyckoff reaccumulation. $BTC #Crypto pic.twitter.com/JH2HouSFTG

— Livercoin (@Livercoin) January 4, 2020

Another analyst also echoed this optimism and posted charts which indicate that if BTC can break the neckline of the inverse head and shoulders pattern formed over the past five weeks, a 15% move to hit $8,500 could be coming in the coming weeks.

The strong momentum and quick increases are why analysts think that this is only the beginning of a new bull run. Seeing that Bitcoin has broken past the neckline over the past few hours and may see an end-to-end increase, the cryptocurrency could begin to act on the patterns and surge higher to the aforementioned target.

As we said in the other news, the CEO of the forex and crypto fund Three Arrows Su Zhu was also in the news on Bitcoin, remarking on Twitter that he believes BTC heading into 2020 is looking rather bullish.