Why Analysts Across the Board Expect Bitcoin Price to Surge by 8%
After days of no price action, Bitcoin (BTC) has started to show signs of life. The leading cryptocurrency broke higher on Sunday morning, pushing past the $100 range that had defined Bitcoins price for the better part of three days.
As of the time of writing this, the top cryptocurrency is trading for $7,400, seemingly poised to break higher as these levels hold. In fact, a number of prominent analysts expect for BTC to see an 8% bounce in the coming days, citing simple technical and charting factors.
Analysts Expect 8% Bitcoin Price Jump
According to Amsterdam Stock Exchange trader Michaël van de Poppe, Bitcoins outlook for the coming week is looking bright, despite the expectations by some that the cryptocurrency will see a red week.
The CoinTelegraph contributor and professional analyst noted that the green box depicted below has held as support, which marks the range low. Due to this bullish sign, he went on to say that he wouldnt be surprised if Bitcoin makes another push to the $7,800 to $8,000 resistance region later next week. A move to this area would mark an 8% rally from current prices.
Green zone held for support here, which is the range low.
Currently at potential local resistance. Wouldn't be surprised with continuation of ranging for the coming days, before we make another push to $7,800-8,000 resistances later next week.
Theres also trader Mac, who recently noted that with the Money Flow Index starting to reset, a move to the $7,800s could be had, which is where there is a liquidity pool, heading into the end of 2020.
> Take liquidity from last wick & flip $7360
> rest on picture..
MFI resetting well, someone wants this higher.
CME going to gap from $7230.
Raid $78xx's (possibly tap Nov) -> Dump back into CME pic.twitter.com/xjoOtQmgnr
This comes shortly after CryptoBirb remarked that the move to $7,400 brings BTC above the key mid-range zone of the trading range for the past five weeks — the range being $6,400 to $7,900. This, the analyst wrote, implies that the cryptocurrency is on its way to the range highs of $7,900.