Since Bitcoin (BTC) tapped $6,500 in late-November, analysts have been wondering if the bottom is really in. You see, the leading cryptocurrency bounced by 20% from $6,500, hitting $7,850 just a week after that.<\/p>\n
Now, the crypto is trading for $7,400 a pop, seemingly trying to establish a market trend for the coming week. While some say that Bitcoin’s<\/a> inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.<\/p>\n Popular trader Mr. Chief (or Halo Crypto) recently noted<\/a> that the cryptocurrency ball is finally entering the court of the bulls.<\/p>\n He noted that the inverse chart of Bitcoin has shown that the cryptocurrency has broken below (meaning above) a key, some would say the penultimate,trend line that has been in place for over six weeks. The asset is also situated in a descending channel (actually an ascending channel) that implies a move to $8,500 is “definitely on the table.” A move to $8,500 would mark a 15% rally from current price levels.<\/p>\n $BTC<\/a> #Bitcoin<\/a><\/p>\n Bullish on BTC in the near future<\/p>\n $8k is safe bet — MrChief (@HaloCrypto) December 7, 2019<\/a><\/p><\/blockquote>\nRelated Reading: Crypto Tidbits: Deutsche Bank Gives Nod to Bitcoin, EOS to Host Social Media, France Digital Currency<\/a><\/h6>\n
Why BTC Could Jump 15%<\/strong><\/h2>\n
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$8.5k is definitely on the table pic.twitter.com\/6IW77wF3TT<\/a><\/p>\n