Analyst: Bitcoin sees rising upswing – $ 8,900 as price target over the next few days?
Bitcoin has been hit by volatility in the past few days and weeks, with this tumultuous price action dropping the cryptocurrency up to $ 8 yesterday. 300 before the sales pressure hit the BTC for a short time under the most important support at $ 8. 000 pressed.
However, buyers were able to defend themselves against a further downward trend, which ultimately led to BTC returning to the current price level by $ 8. 200 rose. Analysts are now finding that the combination of several separate factors suggests that Bitcoin is on the verge of yet another major recovery, up to $ 8. 900 before it hits a significant resistance region.
Bitcoin is recovering as analysts look at key resistance levels
Even if the moderate daily profits do not appear much, it should be noted that BTC after the short-term slump to below $ 8. 000 was able to register a strong upswing, which indicates that the cryptocurrency has considerable vitality.
Analysts are now discovering that Bitcoin and the aggregated crypto markets could soon see significantly more dynamic growth. Nik Patel – a prominent crypto analyst – stated in a recent blog post that he would next move up to $ 8. 900 supposed.
“If we take a closer look at 4H now, we can see that the price hit the resistance area at $ earlier this week and was immediately tested again and continues to move towards $ 8500 … ultimately searches after $ 8900 before serious resistance is found. ”
What could another BTC rally towards $ 9. 000 inspire?
Patel justifies this goal by declaring that Bitcoin's recent price action is as textbook as it gets. Among other things, he refers to the bullish candle that formed after the strong upswing at $ 7. 700 and the ongoing one Consolidation phase above $ 8. 000 as factors suggesting this that BTC is about to start another bullish sequel.
“In addition, during this successful retest, a bullish candle has formed and the price has been consolidating for a few days since then. In my opinion, this is as textbook-based as it can be in terms of bullish sequels, ”he said.
Patel also continues that Bitcoin recently recaptured its 360 day average, which is just another factor contributing to the potential upward trend that BTC is currently expressing.
Proof of text: newsbtc