RATE Group | Here’s Why Analysts Expect a Bigger Price Explosion
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Here’s Why Analysts Expect a Bigger Price Explosion

27 Jan Here’s Why Analysts Expect a Bigger Price Explosion

Posted at 20:52h in Bitcoin News by

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After falling as low as $8,200 late last week, Bitcoin (BTC) has recently started to mount an extremely strong recovery, bouncing after the 11% correction seen after a 43% rally.

Just minutes ago as of the time of writing this article, the leading cryptocurrency hit $8,950, falling just shy of the key $9,000 level as sellers stepped in at the eleventh hour.

Despite this slight rejection, which has brought BTC to $8,850, analysts are certain that this latest surge proves a growing bull case for Bitcoin and its ilk.

Related Reading: Bitcoin Saw a “Mega Rejection” at $9,200, And It Should be Worrisome for Bulls

Bitcoin Hits $8,950, And It Could Mean More Gains Are Coming

Fractal Watch, a popular cryptocurrency analyst, noted that this latest breakout towards $9,000 has allowed BTC to break out of a falling wedge chart pattern. The measured move of this bullish chart formation is $9,500, the top of the infamous China pump seen in October/November of 2019.

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