Analyst: Bitcoin price could go “vertical” soon
Bitcoin has performed extremely well over the past day. According to data from CoinMarketCap, the price of the leading cryptocurrency has recently 24 hours by 5% to 10. 350 Dollar rose.
While some fear that the steep upward trend that BTC has seen in recent weeks is a precursor to a deep retreat, a top analyst found that the price has just overcome an extremely important downward trend, which is a good one Sign of long-term upward momentum is.
Bitcoin rises above the main resistance
Analyst CryptoBull found that BTC has for the first time broken a downtrend that has pushed the price from a 20. 000 Dollar in December 2017 has restricted.
The downward trend currently at 10. 000 dollar, Bitcoin declined in the mini bull market of 2019 several times and acted as the point at which the rally stopped on at least two different occasions.
Short liquidations are coming pic.twitter.com/Wjo6Sns1dV
– Crypto₿ull (@CryptoBull) February 12, 2020
There is currently no indication that the candle to which the commentator refers is being shaped. However, if it forms as CryptoBull expects, it would mean that the Bitcoin price would temporarily rise vertically.
How far could BTC go?
Since Bitcoin has overcome this important macro resistance, some may wonder where the cryptocurrency will hit the ceiling in the next cycle.
According to the prominent trader Nebraskan Gooner, a maximum of 75. 000 dollars will likely be the top of the next cycle for the leading digital asset. He wrote that after analyzing historical trends and Fibonacci retracements, this high price point could be reached in the coming years:
“History tells us that a weekly closing price above the 0, 65 Fibonacci (Fibonacci) will send the BTC into a new parabolic bull run… ”
This demand for a high of 75 . 000 Dollar in the cycle was supported by Josh Rager. In a recent tweet he wrote the following:
$ BTC Unpopular Opinion:
The next Bitcoin peak high will not be as high as most people think
Lots of analysis out there point from $ 100 k to $ 300 k to $ 1M
Simple rate of return will show you bottom to peak return reduces by around 20% each cycle
IMO, next high hits $ 75 k to $ 85 k pic.twitter.com/EoWZqcWfbe
– Josh Rager 📈 (@Josh_Rager) January 17, 2020
Proof of text: newsbtc