Bitcoin Bears Need to Drive Down or Bulls will Inevitably Take Over Control: Technical Analyst

By Achal Arya
November 2, 2018 Updated June 17, 2022
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Bull Market

Bitcoin is looking for an upward movement at $6,372 while technical analyst says, “Bears need to drive down here, otherwise Bulls will inevitably take over control.” Another technical analyst shares a bullish momentum driven by Bakkt.

Bitcoin Gaining Traction

At the time of writing, Bitcoin has been trading at $6,372 while down by 0.49 percent in the past 24-hours. While BTC dominance is flickering at about 53.7 percent, the daily trading volume has also taken a hit as it drops to $3.8 billion.

Bitcoin price is looking to resume the climb as it gains traction to make a bounce. So, an upside target seems to be on the way with technical indicators hinting at bullish momentum.

Popular technical analyst and crypto enthusiast, Crypto Yoda shares this in his latest Tweet,

“Some $BTC observations: First, trendline broken & currently being retested. Second, total MKT CAP seemingly exhausted at previous High support. Third, Ancient Trendline respected, decision-time soon.

In conclusion: Bears need to drive down here, otherwise Bulls will inevitably take over control.”

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Meanwhile, crypto trader and technical analyst, Alex Krüger says in his Tweet, Bakkt will lead Bitcoin’s recovery while the rejection of Bitcoin ETF by VanEck SolidX will lead to a crash.

“Possible outlook for BTC: First, bull run on BAAKT & renewed ETF approval narrative early 2019. Second, ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands. Lastly, halvening 2020 narrative and re-adjustments lead to a sustained bull run for the rest of 2019 & 2020.”

When it comes to Bitcoin ETF approval, recently, Reggie Browne, the “godfather of ETFs,” shared that it won’t be happening “no time soon.” Senior managing director and head of ETF trading at financial services firm Cantor Fitzgerald, Browne shared the current state of Bitcoin ETF while speaking at Georgetown University’s Financial Markets Quality Conference in Washington D.C.

“It’s very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there’s no data yet … the markets just aren’t here.”

However, the latest 50-pages report by Morgan Stanley is bringing a fresh wave of positivity in the crypto market as it claims that Bitcoin is no longer a store of value but an institutional class of asset despite the bear market.

Achal is an entrepreneur and a product designer with a bachelors degree in Computer Science. He works in the Web3 domain and manages new developments at Coingape. Follow him on Twitter at @arya_achal or reach him at achal[at]coingape.com.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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