It is looking increasingly likely that Bitcoin\u2019s recent dip to lows of $6,500 will mark a long-term bottom for the cryptocurrency, as its bulls have been able to propel its price higher and sustain their momentum, with BTC now targeting a movement to $8,000.<\/p>\n
Analysts are now noting that Bitcoin is clearly shifting its recent downtrend in favor of its bulls, which may mean that significantly further upside is imminent for the cryptocurrency.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 2% at its current price<\/a> of $7,800, which marks a notable climb from its daily lows of $7,300 that were set yesterday when bears attempted to thwart the momentum that bulls have been building over the past several days.<\/p>\n Bitcoin\u2019s surge that first started when it tapped $6,500 last week has been surprisingly strong and marks the first time that bulls have sustained an upwards movement over an extended period of time in the month since BTC retraced from its late-October highs of $10,600.<\/p>\n In the near-term, analysts anticipate the cryptocurrency to see further gains, with HornHairs \u2013 a popular cryptocurrency analyst on Twitter \u2013 telling his followers that he believes Bitcoin will tap $8,000 next.<\/p>\n \u201c$BTC gameplan remains the same. I won’t be shorting these levels blindly, rather waiting for support to fail on a retest. On the other hand, expectation for longs to be the higher probability play remains intact. Next target = $8k,\u201d he noted while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> gameplan remains the same<\/p>\n I won't be shorting these levels blindly, rather waiting for support to fail on a retest. On the other hand, expectation for longs to be the higher probability play remains in tact. <\/p>\n Next target = $8k pic.twitter.com\/9Gu5EOgc3Q<\/a><\/p>\n — HornHairs \ud83c\udf0a (@CryptoHornHairs) November 29, 2019<\/a><\/p><\/blockquote>\n\n