RATE Group | Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600
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Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600

29 Nov Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600

Posted at 12:46h in Bitcoin News by

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It may have been Thanksgiving on Thursday, but Bitcoin (BTC) held its ground, managing to make a number of key time frame closes above the key $7,400 support level. As of the time of writing this, CoinMarketCap reports that the cryptocurrency is trading for $7,550, up a mere 0.12% in the past 24 hours. Altcoins have posted similar bouts of non-action, with a majority of top digital assets posting gains or losses of under 1%.

Despite this non-action, analysts are starting to get bullish vibes when it comes to Bitcoin. One analyst, in fact, remarked that he expects for the cryptocurrency to see a 15% jump to $8,600 in the near future.

Related Reading: Eerie Bitcoin Fractal Suggests Bottom in at $6.6k, Surge to $8k Likely

The analyst in question is Velvet, an up-and-coming trader who called the fact that Bitcoin would fall much lower than $8,500 nearly two weeks ago. While he was bearish earlier, there is a confluence of technical factors hinting at a bounce in the coming weeks.

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