- Bitcoin (BTC) continues to trade in the green for three to four days in a row
- Bitcoin price to surge by 16 percent in the near term
- Bitcoin long-term bull case is reappearing
Bitcoin News Today – Bitcoin (BTC) bulls seem to be in charge of the market at the moment. The world’s largest digital currency by market cap has been amassing gains for about four consecutive days. At press time, the price of Bitcoin (BTC) has surged as high as $7,575, a level it has not tested in the past two weeks.
The upward momentum is not as strong as many expect it to be. However, many investors and industry experts are beginning to say that this price action confirms their ideas that there is an imminent long-ish bull trend. They believe this would end the range trading in the market for about five to six weeks now.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin to Surge by 16 Percent in the Near Term
An analyst at Brave New Coin – Josh Olszewicz – recently pointed out that an inverse shoulder and head chart pattern is playing out for BTC. In a TradingView post outlining his trading idea, he remarked that if the price of BTC hits $7,525, which it has, a move to the $8,100 and $8,700 zone is likely to play out. That is an increase of 8 percent and 16 percent respectively.
The analyst said the digital currency would stop there, as there are a few key resistances. The hurdles at that level are the 200-day exponential moving average, a yearly pivot point, the daily Ichimoku Cloud, and the weekly 20 moving average.
Livercoin – forex and digital currency trader – recently released a tweet showing that he believes BTC has been trading like a textbook Wyckoff Reaccumulation-esque pattern over the past couple of days. If Bitcoin (BTC) follows the textbook pattern, it suggests that the digital currency will break higher and higher in the next few days.
— Livercoin (@livercoin) January 4, 2020
Longer-Term Perspective of Bitcoin (BTC) Looks Bullish
According to a recent report, CryptoHamster recently pointed out that the on-balance volume reading of BTC – an indicator that uses volume flow to predict changes in stock price – is printing a clear falling wedge pattern. The falling wedge appears to be bullish in the case, with the BTC-related on-balance volume reading rallying, which means an imminent continuation to the upside.
The CEO of forex and digital currency fund Three Arrows Capital – Su Zhu – also said that he believes the price of Bitcoin (BTC) heading into 2020 is looking rather bullish. The CEO specifically cited his analysis of the BTC/USDT trading pairs and their premiums to BTC/USD markets as well as the overall price action, which indicates there are obvious signs of accumulation and money flow back into risk.