Bitcoin has been able to extend the upwards momentum that it has incurred over the past day, which has allowed it to gain what appears to be a solid foothold within the mid-$8,000 region. This foothold may allow bulls to begin pushing the cryptocurrency higher, although it is important to note that BTC is still caught in a firm downtrend in the mid-term.
This trend may soon be shifting, however, as analysts are now noting that BTC may target $9,000 in the near-future, with any movement to over $10,000 marking a full recovery from its drop below the lower boundary of the previously established descending triangle that it had been caught in for several months.
Bitcoin Climbs into Mid-$8,000 Region as Bulls Build Strength
At the time of writing, Bitcoin is trading up over 2% at its current price of $8,400, which marks a notable recovery from its recent lows of $7,800 that were set late-last week when the aggregated crypto markets incurred a sharp sell-off that was quickly bought up by buyers.
Bitcoin’s bullish response to the upper-$7,000 region led many analysts to believe that it was forming a long-term bottom around this price, and its ability to extend its upwards momentum in the time following its sharp drop appears to confirm this notion.
It is important to note that BTC is still flashing some bearish signs in the near-term, however, as it has struggled to decisively move above its 200-day moving average and is also facing declining trading volume.
Josh Rager, a popular crypto analyst on Twitter, spoke about this in a recent tweet, explaining that it is too difficult presently to determine what its mid-to-long term trend currently is.
“$BTC – Still trying to break that 200 DMA, but it was early in the day and has failed to do so. Ranging between support and resistance zones – volume declining. The only play atm are trades on the lower time frames with decent price movement,” he explained.
$BTC – Still trying to break that 200 DMA, but it was early in the day and has failed to do so
Ranging between support and resistance zones – volume declining
The only play atm are trades on the lower time frames with decent price movement pic.twitter.com/jWIbiOeo9v
— Josh Rager (@Josh_Rager) October 1, 2019
Analyst: BTC Could Target $9,000 Next
Although Rager has pointed to a few bearish signs for the cryptocurrency, it is important to note that other analysts believe that BTC could target $9,000 next.
Luke Martin, another popular crypto analyst, spoke about this possibility in a recent tweet, pointing to a chart that shows that BTC is currently reclaiming its previous support level, which could mean that it is positioned for a movement up towards the lower-$9,000 region.
— Luke Martin (@VentureCoinist) October 1, 2019
How Bitcoin’s responds to its 200-day moving average will likely be a key factor in determining what its near-term trend it, as a decisive close above this moving average could mean that a movement up towards $9,000 is imminent.
Featured image from Shutterstock.
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