RATE Group | CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher
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CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher

13 Oct CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher

Posted at 10:45h in Bitcoin News by

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The $8,000 mark seems to be an important price point for crypto’s market leader, Bitcoin (BTC). Since its breakdown from $9,400, the digital asset has lost and regained the $8,000 level several times, sitting at $8,300 at press time. Much of the time, altcoins follow Bitcoin’s lead in terms of price, making the digital asset’s activity a strong indication of the current market state as a whole. 

After a stark $1,700 drop in price on Sept. 24, Bitcoin and the rest of the cryptocurrency market seem to have taken a few steps back regarding the overall trend, which showed significant exuberance in June 2019. According to popular crypto-Twitter analyst Big Cheds, the upcoming days are likely bearish for the crypto space in the short term but the analyst remains bullish over the long term.

Daily crypto market performance. Source: Coin360.com 

Big Cheds predicts a price reversal

Big Cheds pointed out that on Oct. 6 Bitcoin closed out another weekly candle with a tweezer bottom. This…

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