{"id":409774,"date":"2020-01-06T03:36:19","date_gmt":"2020-01-06T03:36:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=409774"},"modified":"2024-06-11T13:36:13","modified_gmt":"2024-06-11T13:36:13","slug":"bitcoin-rally-just-starting-analysts-expect-gains","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-rally-just-starting-analysts-expect-gains\/","title":{"rendered":"Bitcoin’s Rally Just Getting Started; Why Analysts Expect 10% Gains From Here"},"content":{"rendered":"

Bitcoin<\/a> (BTC) bulls seem to be having quite the streak. For the third or fourth day in a row, the leading cryptocurrency has posted gains. As of the time of writing this, Bitcoin has broken to highs it hasn’t seen in two weeks, rallying as high as $7,580 just minutes ago.<\/p>\n

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Related Reading:\u00a0Early Bitcoin Adopter Throws Cold Water On Halving Narrative; Here\u2019s Why<\/a><\/h6>\n

While the momentum isn’t as strong as some analysts would like, more and more traders and starting to say that this price action confirms their ideas that a long-ish bull trend is about to play out, thereby ending the range-trading that has taken place for some five or six weeks.<\/p>\n

Bitcoin Ready to Stretch Higher<\/strong><\/h2>\n

Josh Olszewicz, an analyst at Brave New Coin, recently noted that an inverse head and shoulders chart pattern \u2014 a bullish pattern that is likely to mark a strong bottom for BTC \u2014 is playing out for Bitcoin.<\/p>\n

He remarked<\/a> in a TradingView post outlining his trading idea that should BTC hit $7,525 (and it has), a move to the $8,100 to $8,700 range \u2014 an 8% and 16% rally, respectively \u2014 is likely to play out. As to why the rally will stop there, he cited a confluence of a few key resistances: the 200-day exponential moving average, the daily Ichimoku Cloud, a yearly pivot point, and the weekly 20 moving average.<\/p>\n

But that’s far from the end of the optimism.<\/p>\n

Cryptocurrency and forex trader Livercoin\u00a0posted the below tweet<\/a>\u00a0on Saturday, showing that he believes Bitcoin has been trading like a textbook Wyckoff Reaccumulation-esque pattern over the past few days.<\/p>\n

The textbook pattern, should BTC follow it to a T, suggests that BTC will break higher and higher in the coming days, in an upward move that will bring the asset back to the high-$7,000s.<\/p>\n

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Hi, I am Livercoin and I like wyckoff reaccumulation. $BTC<\/a> #Crypto<\/a> pic.twitter.com\/JH2HouSFTG<\/a><\/p>\n

— Livercoin (@Livercoin) January 4, 2020<\/a><\/p><\/blockquote>\n