- Bitcoin is poised for more gains in the near term
- Bitcoin (BTC) flashes buy signals
- More analysts are bullish on Bitcoin in the near and medium-term
Bitcoin News Today – Over the past couple of days, the world’s largest digital currency by market cap has been hovering around the low-$9k level. Bitcoin (BTC) has been trying to establish strong support around the $9,200 and $9,300 marks. At the moment, it seems to be working, with Bitcoin surging higher after the price heads in that range.
According to analysts, this consolidation is likely to pave the way for even more gains in the coming weeks. The impending rally could push the price of Bitcoin (BTC) over the $10k level for the first time in months.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Could Soon See Massive Upsurge
Yesterday, Filb Filb – a prominent digital currency analyst who in October last year predicted the rise of BTC to $10k and subsequent decline to the $6k levels – posted a chart signaling a bullish outbreak. He said that the charts print a pretty bullish outlook because the volume indicators are good. He also said that the monthly chart, in addition to his proprietary indicator, is printing a buy signal, which has signaled a huge upside move in the past.
In a previous analysis, the analyst said that he expects the digital currency to be trading well over the $10k level around the time of the halving. Filb said:
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”
He added that the $12,500 mark is the top target for a bullish inverse head and shoulders chart, which is forming on a mid-term basis for BTC.
Many Analysts Are Bullish on Bitcoin, Suggesting Extremely Bullish Signs
While the recent analysis of Filb Filb is yet to be confirmed, many other analysts and their analyses are suggesting Bitcoin is poised for more huge gains in the coming months. A New York-based markets research company – Fundstrat Global Advisors – recently pointed out that the latest upsurge of BTC has helped it to cross over the 200-day moving average.
Tom Lee – the co-founder of the firm – noted that whenever the price of BTC is about the 200-day moving average, the six-month forward win rate of the digital currency jumps to 80 percent, suggesting that the digital currency is re-entering a bull market.
— Thomas Lee (@fundstrat) January 29, 2020
When it comes to the fundamental aspect of the coin, The Moon – digital currency content creator – just pointed out that the hash rate of Bitcoin just hit a new all-time high at over 123 exahashes per second. He added that this is a clear indication that the digital currency is “screaming for a huge bull run leading into the halving.”