Bitcoin Slowly Forming A Bullish Pattern, Analyst Says $8,800 In View

By Dare Shonubi
Published October 18, 2019 Updated October 18, 2019
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BTC price update
BTC price update

Bitcoin Slowly Forming A Bullish Pattern, Analyst Says $8,800 In View

By Dare Shonubi
Published October 18, 2019 Updated October 18, 2019

Bitcoin recently broke the resistance at $8000 and the top cryptocurrency now barely rests above that level. After such a bullish breakthrough, the pace-setter cryptocurrency has continued to maintain a spot above $8k and according to analysis, further bullish pattern is slowly forming and Bitcoin may eventually get a spike to $8,800.

The Bullish BTC Analysis By CryptoWelson

According to cryptocurrency analyst and trader going by the name CryptoWelson on Twitter, there is a bullish possibility which may take the price of Bitcoin to the $8,800 level. The analysis identified a support level close to $8k which must be surpassed in order to continue on the bullish trajectory described by CryptoWelson. According to him, if BTC surpasses that support, then that will initiate a bull channel in which BTC is expected to gain about 10% before the end of the week.

The Other Side Of The Coin

Although CryptoWelson sounded quite bullish about the short-term price movement of BTC, he also stated a condition that might cause a reversal of the bullish trend. Expressing the possibilities of a bear market in days to come, CryptoWelson predicted that a break below a supposed greenline ($8k level) would confirm the next bearish movement which will send BTC further downwards.

BTC 24-Hour Price Movement

BTC opened a 24-hour trading period at around $7,999.61. BTC slowly climbed the $8k level and maintained its price above the area hitting $8,091 within the next two hours. The momentum only grew as BTC pushed into the $8,100 region at the early hours of Thursday, gaining about 1.5% since yesterday. At the time of writing this piece, BTC is changing hands at $8,105.

Further Analysis On Bitcoin Price

There seems to be a wide bullish sentiment around the price of Bitcoin lately. With many analyses pointing to a bullish possibility in the short term, another bitcoin trader predicts that bitcoin will eventually take off towards $9k. Although the trader, simply known to run a Twitter account under the name Crypto Trading Africa presented a bearish outlook which, if actualised, may see bitcoin losing about 2% from its current price before the run to $9k.


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.
About Author
Dare Shonubi
247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]