{"id":409901,"date":"2020-01-06T22:35:41","date_gmt":"2020-01-06T22:35:41","guid":{"rendered":"https:\/\/wncen.com\/?p=409901"},"modified":"2024-06-11T13:36:16","modified_gmt":"2024-06-11T13:36:16","slug":"why-analysts-bitcoins-surge-7650-not-done-yet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-analysts-bitcoins-surge-7650-not-done-yet\/","title":{"rendered":"Why Analysts Think Bitcoin\u2019s Surge to $7,650 Is Not Over Yet"},"content":{"rendered":"<p>For the fourth or fifth day in a row, bulls have taken control of the Bitcoin (BTC) market, pushing the leading cryptocurrency as high as $7,660 just minutes ago, marking a multi-week high. As of the time of writing this, BTC is trading up 3% on the day, actually<a href=\"https:\/\/wncen.com\/2020\/01\/06\/alt-seasons-greetings-ethereum-poised-to-break-out-against-btc\/\"> underperforming Ethereum&#8217;s 4%<\/a> and XRP&#8217;s jaw-dropping 12%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/BRyIQ7fo\/\" width=\"805\" height=\"485\"><\/p>\n<p>Despite this, analysts are becoming certain that a strong continuation to the upside over the coming days is likely. Here&#8217;s more on that.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/14\/bitcoin-poised-collapse-under-5000-market-cycle-fractal\/\" data-wpel-link=\"internal\">Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So<\/a><\/h6>\n<h2><strong>Bitcoin Ready to Surge Higher<\/strong><\/h2>\n<p>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 <a href=\"https:\/\/wncen.com\/2020\/01\/06\/bitcoin-rally-just-starting-analysts-expect-gains\/\">playing out for Bitcoin.<\/a><\/p>\n<p class=\"svecc-content-banner-added\">He\u00a0<a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/OlpBVrTH-Potential-iH-S-Forming\/\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">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 a 7% and 14% 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<p>Also, a textbook Wyckoff Reaccumulation pattern\u00a0suggests 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<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2020\/01\/04\/bitcoin-could-soon-plunge-to-3000-heres-why\/\" data-wpel-link=\"internal\">This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000<\/a><\/h6>\n<h2><strong>Longer-Term Outlook Positive Too<\/strong><\/h2>\n<p>On a longer-term basis, Bitcoin appears to be getting bullish too.<\/p>\n<p>Per<a href=\"https:\/\/wncen.com\/2020\/01\/05\/key-indicator-bitcoin-price-soon-erupt-higher\/\"> previous reports from this very outlet<\/a>, trader CryptoHamster recently <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/93086208\" rel=\"nofollow\">noted<\/a> that Bitcoin\u2019s <a href=\"https:\/\/www.investopedia.com\/terms\/o\/onbalancevolume.asp\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">on-balance volume reading<\/a>\u00a0\u2014 an indicator which \u201cuses\u00a0<em>volume<\/em>\u00a0flow to predict changes in stock price\u201d \u2014 is printing a clear falling wedge pattern, a chart pattern marked by falling prices (or in this case, a reading) and a tightening range.<\/p>\n<p>In this case, the falling wedge seems bullish, with the Bitcoin-related on-balance volume reading rallying, implying imminent continuation to the upside.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">On-balance volume descending wedge is getting tighter.<a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTCUSD<\/a> <a href=\"https:\/\/t.co\/XT5EJDoQIW\" rel=\"nofollow\">pic.twitter.com\/XT5EJDoQIW<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/93086208?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 4, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Not to mention, according to Willy Woo, partner at cryptocurrency fund Adaptive Capital and a noted on-chain analyst, his indicators which track investor activity \u2014 correlated closely with market cycles \u2014 are showing clear signs that Bitcoin is decisively not in a bear market.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>For the fourth or fifth day in a row, bulls have taken control of the Bitcoin (BTC) market, pushing the leading cryptocurrency as high as $7,660 just minutes ago, marking a multi-week high. As of the time of writing this, BTC is trading up 3% on the day, actually underperforming Ethereum&#8217;s 4% and XRP&#8217;s jaw-dropping 12%. Despite this, analysts are becoming certain that a strong continuation to the upside over the coming days is likely. Here&#8217;s more on that. Related Reading:\u00a0Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So Bitcoin Ready to Surge Higher 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. He\u00a0remarked 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 a 7% and 14% 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. Also, a textbook Wyckoff Reaccumulation pattern\u00a0suggests 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. Related Reading:\u00a0This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000 Longer-Term Outlook Positive Too On a longer-term basis, Bitcoin appears to be getting bullish too. Per previous reports from this very outlet, trader CryptoHamster recently noted that Bitcoin\u2019s on-balance volume reading\u00a0\u2014 an indicator which \u201cuses\u00a0volume\u00a0flow to predict changes in stock price\u201d \u2014 is printing a clear falling wedge pattern, a chart pattern marked by falling prices (or in this case, a reading) and a tightening range. In this case, the falling wedge seems bullish, with the Bitcoin-related on-balance volume reading rallying, implying imminent continuation to the upside. On-balance volume descending wedge is getting tighter.#bitcoin $BTC $BTCUSD pic.twitter.com\/XT5EJDoQIW &mdash; CryptoHamster (@CryptoHamsterIO) January 4, 2020 Not to mention, according to Willy Woo, partner at cryptocurrency fund Adaptive Capital and a noted on-chain analyst, his indicators which track investor activity \u2014 correlated closely with market cycles \u2014 are showing clear signs that Bitcoin is decisively not in a bear market. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":409902,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,3504],"class_list":["post-409901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-price"],"acf":[],"yoast_head":"\n<title>Why Analysts Think Bitcoin\u2019s Surge to $7,650 Is Not Over Yet<\/title>\n<meta name=\"description\" content=\"For the fourth or fifth day in a row, bulls have taken control of the Bitcoin (BTC) market, pushing the leading cryptocurrency as high as $7,660 just\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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