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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.

Bitcoin Preparing to Bounce, Analyst Proposes

Velvet recently noted that Bitcoin has finished a five-phase wave pattern, has bounce off the golden Fibonacci Retracement level at the 50-day moving average, and is in the midst of a giant falling wedge — all telltale signs that the cryptocurrency is about the bounce higher. While he didn’t give a concrete target, his chart suggests that a move to $8,600 — 15% higher than current prices — will likely take place in the coming weeks

It isn’t only Velvet that thinks BTC is ready to head back into the $8,000 range.

A trader going by “George” earlier Thursday noted that Bitcoin’s price action over the past few days eerily resembles the price action that was seen from Monday to Wednesday this week, which was marked by a downward consolidation, then an upward breakout. This short time frame and simple fractal suggests that Bitcoin will surge around 8% to $8,000 in the coming days, potentially by the end of the month.

Related Reading: Give Thanks For These Crypto and Bitcoin Black Friday Deals

Long-Term Bull Intact Too

Velvet isn’t only short-term bullish, for he’s also developing a long-term bull bias as well. Per previous reports from NewsBTC, the analyst posted a chart that suggests Bitcoin sees a bear trap play out at each market cycle’s bottom. After that, there’s a short impulse wave up, taking the price of the cryptocurrency above the 20-week simple moving average which acts as a mid-line to the Bollinger Bands technical indicator. There, in what is expected to be the next phase in price action, the asset begins to trade sideways before the full bull run begins.

Technical lingo aside, what he is suggesting is that if Bitcoin closes the month above the $7,000 range, there is a high likelihood that BTC is on the verge of entering the next parabolic phase of the bull run, a bull run that could bring the cryptocurrency to fresh all-time highs, analysts say. 

Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”
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Nick Chong , 2019-11-29 14:00:47

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

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Nick Chong , 2019-11-10 12:00:38

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