According to analysts, Bitcoin is forming important signs to reverse the downtrend.
The Brent trader said that Bitcoin's daily price fluctuation chart has just formed a technical signal.
Accordingly, the 50-day moving average (MA) intersects the 100-day MA (technical analysis tool for price movements in a given period). Brent said this technical signal has occurred in Bitcoin's history and the price of cryptocurrencies has continued to escalate thereafter. Most recently in early 2019, the appearance of the intersection of these two MAs has brought Bitcoin price up to 140%.
Notably, this is not the only signal that Bitcoin's uptrend has just begun. Coiner Yadox, who has repeatedly predicted the exact price of Bitcoin, even gave 7 reasons that could help Bitcoin break the current price to a level higher than $ 10,000 in the near future.
In particular, Coiner Yadox particularly emphasizes the technical indicators. The leading cryptocurrency has moved above the 200-day moving average. Yadox says that this is a sign of a bull market.
Dave the Wave, a famous cryptocurrency trader, said that when Bitcoin price reached $ 9,600, it could reach $ 11,500 by the end of February 2020.
But not everyone is optimistic
Well-known analyst HornHairs thinks that Bitcoin can fall in price before solid growth to reach a higher price. “This short-term decline can fundamentally alter the bullish market structure that Bitcoin has formed over the past few weeks, potentially bringing it back to the $ 7,000 region,” HornHairs said.
Teddy, a well-known analyst on Twitter, also said that Bitcoin could not reach a higher level in the recent bull run, indicating a major imminent decline. “Technically, this rally was not big enough because it was rejected from the resistance level and therefore could not reach a higher level,” Teddy said.
Although many say that this price action is a sign that Bitcoin is about to return to $ 8,000, many analysts and professional traders believe that Bitcoin is likely to break above $ 10,000 in the near future. , and restart the upward trend.
Currently, the price of bitcoin continues to rise above $ 9,700.