RATE Group | Bitcoin Bottom Is In, Price Poised to Break Past $8,000
73303
wp-singular,post-template-default,single,single-post,postid-73303,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Bottom Is In, Price Poised to Break Past $8,000

25 Dec Bitcoin Bottom Is In, Price Poised to Break Past $8,000

Posted at 21:32h in Bitcoin News by

[ad_1]

For months now, crypto investors have been asking if the Bitcoin (BTC) bottom is in. While the answer has mostly been no over the past few months, a number of analysts are becoming certain that the drop to $6,400 seen earlier this month was the final bout of decisively bearish price action this cycle.

Related Reading: How Rakuten’s Latest Bitcoin Effort Could Help the Markets

Did the Bitcoin Form At $6,400?

Cryptocurrency trader TraderXO recently remarked that Bitcoin’s price action over the past few weeks is eerily resemblant of a textbook scenario laid out by legendary chartist Richard Wyckoff, who studied trends in markets.

XO suggested that BTC’s chart is currently shaping up to be the mirror image of an “Accumulation Schematic” depicted by Wyckoff. When applied to Bitcoin’s chart, the schematic suggests Bitcoin will rally to $8,000 by early next year, then crash to enter the high-$6,000s yet again, then break out past $8,000, then $9,000 by March of next year.

[ad_2]

Source link

Tags:
, , , , ,