Where Bitcoin Goes Next After This Week's Stunning Rally, Crypto Coins News
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Many crypto analysts believe that bitcoin has already bottomed out.
Bitcoin’s bullish price action is giving some traders the ammunition to predict a run-up to $ (****************************************************************************************, (**********************************************************************************************.
Other analysts warn that investors should taper their expectations.
Bitcoin is starting the year with a bang. The top cryptocurrency is up by over (********************************************************************************% year-to-date, and we’re just two weeks into (********************************************************************. **********
While a pullback might be in order to consolidate gains, these analysts say there’s a strong possibility that the downtrend is a thing of the past. One trader predicts that bitcoin could soon rally over (****************************************************************************% .
Bitcoin May Have Just Ended a Six-Month Downtrend*****************Bitcoin jumped above $ 8, 500 this week. | Source:TradingView******** Bitcoin has succumbed to a sharp run of profit-taking over the past six months.
After printing a high of $ (********************************************************************************************, , the cryptocurrency fell more than 50% to $ 6, in December. The bearish trend may have ended on Monday when BTC surged back above $ 8, (**********************************************************************************************.
Widely-followed technical analyst CryptoBirb notes that the cryptocurrency finally closed above a six-month-long downtrend line.
The breakout has enormous bullish implications. Based on CryptoBirb’s chart, the bitcoin price appears to have broken out of a large bull pennant on the weekly chart
. This is a continuation pattern suggesting the resumption of the uptrend.
Majin,“Crypto Twitter’s biggest bull,”believes that BTC may be running out of steam. He thinks it may be an opportune time to short the cryptocurrency.
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