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.<\/p>\n
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.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 2% at its current price<\/a> 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.<\/p>\n Bitcoin\u2019s bullish response to the upper-$7,000 region led many analysts to believe that it was forming a long-term bottom around this price, and its ability to extend its upwards momentum in the time following its sharp drop appears to confirm this notion.<\/p>\n It is important to note that BTC is still flashing some bearish signs in the near-term, however, as it has struggled to decisively move above its 200-day moving average and is also facing declining trading volume.<\/p>\n Josh Rager, a popular crypto analyst on Twitter, spoke about this in a recent tweet, explaining that it is too difficult presently to determine what its mid-to-long term trend currently is.<\/p>\n \u201c$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,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/josh_rager\/status\/80612353?s=21<\/p>\n Although Rager has pointed to a few bearish signs for the cryptocurrency<\/a>, it is important to note that other analysts believe that BTC could target $9,000 next.<\/p>\n 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.<\/p>\n $BTC<\/a> map pic.twitter.com\/DPVL0YZJPU<\/a><\/p>\n — Luke Martin (@VentureCoinist) October 1, 2019<\/a><\/p><\/blockquote>\nAnalyst: BTC Could Target $9,000 Next<\/strong>\u00a0<\/strong><\/h2>\n
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