RATE Group | Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall
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Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall

01 Nov Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall

Posted at 20:23h in Bitcoin News by

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Over the past few days, Bitcoin (BTC) has found itself in a lull. This is for good reason; after a 42% surge in under 24 hours, it makes sense for the cryptocurrency market to want to take a breather.

Despite the fact that it makes sense for Bitcoin to see a period of calm and a slight retracement after a monumental surge higher, some analysts have flipped bearish, believe it or not.

In fact, as reported by this outlet previously, one trader expects for BTC to enter the high-$6,000s or low-$7,000s in the coming weeks. The idea here is that that region is where there exists a confluence of technical levels: the 0.5 Fibonacci Retracement of the $3,200 to $14,000 move, the bottom of a descending channel, amongst other important levels.

But, with the candle for the month of October recently closing relatively strong above $9,000, some say it is only a matter of time before the crypto market continues to mount higher, potentially to kickstart the second phase of this ongoing bull cycle.

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