Bitcoin pulled back to $8000 briefly after touching the $9000 mark. The movement began with a swift move up and then the break downwards. However, the price found support near $8300 instantly as well. $8300 was the earlier break-away point for Bitcoin.
Furthermore, Bitcoin [BTC] broke above $8550 on the following day as well, which signified fierce resistance to the bears and bull looking to ‘buy the dip.’ Vinny Lingham, chart analyst and traders tweeted:
This BTC action looks aggressive. Makes me think that we may blow through $10k and test $12k very soon, but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.
As cited by Tom Lee, a break $10k would create a lot of FOMO among people as it would revive hope of Bitcoin [BTC] exceeding past its previous All-Time High near $20000.
The resilience shown by Bitcoin [BTC] has turned most traders bullish again. As Peter Brandt, chart analyst and trader tweeted:
$BTC appears to be stabilizing after the 12% break on Thursday. I am willing to dip by toes back in the water.
The target, according to Brandt’s analysis, is rather conservative than Lingham’s. He set his first target at $9321.62, followed by $10615.80.
Since, the beginning of the month, the sentiment around Bitcoin has been steady with predictions reaching as far as $8 million per BTC. Moreover, the price action also seems to suggest that the demand for Bitcoin [BTC] is big dips are being bought almost instantly.
Traders who were predicting a bearish movement in the last above $7000 and $8000 would rush in to buy if further pullback occurs. Nevertheless, the fundamentals around Bitcoin hasn’t changed much in the past month, and the scalability issue around Bitcoin is still a limiting factor. Hence, a more extended period of accumulation is just as likely.
Do you think that the price will touch $20000 again in 2019? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com