Bitcoin To Enter Face-Melting Rally? Why Analysts Think Price to Jump

Bitcoin (BTC) hasn’t done too hot over the past few months, plunging some 50% since the June top of $14,000. The selling has stopped over the past few weeks, with the price of the leading cryptocurrency flatlining in the low-$7,000s.

Despite this, sentiment has been rather bearish, with a confluence of prominent technical analysts recently remarking that they expect for the price of Bitcoin to tumble by 20% over the next few weeks.

Hodlonaut, a prominent Bitcoin proponent and commentator, noted, though, that the sentiment backdrop is the perfect place, by traditional BTC standards, to “start a rip your face off rally.”

The kind of sentiment doldrums we are in now

People seemingly accepting that 7k is fair value

Dozens of bull narratives proven wrong

Fatigue high, hype low

Is exactly the type of place where it would be trademark Bitcoin character to start a rip your face off rally

— hodlonaut🌮⚡🔑 (@hodlonaut) December 28, 2019

While Hodlonaut’s comment was based primarily on…