It may have been Thanksgiving on Thursday, but Bitcoin (BTC) held its ground, managing to make a number of key time frame closes above the key $7,400 support level. As of the time of writing this, CoinMarketCap reports that the cryptocurrency is trading for $7,550, up a mere 0.12% in the past 24 hours. Altcoins have posted similar bouts of non-action, with a majority of top digital assets posting gains or losses of under 1%.
Despite this non-action, analysts are starting to get bullish vibes when it comes to Bitcoin. One analyst, in fact, remarked that he expects for the cryptocurrency to see a 15% jump to $8,600 in the near future.
The analyst in question is Velvet, an up-and-coming trader who called the fact that Bitcoin would fall much lower than $8,500 nearly two weeks ago. While he was bearish earlier, there is a confluence of technical factors hinting at a bounce in the coming weeks.
Bitcoin Preparing to Bounce, Analyst Proposes
Velvet recently noted that Bitcoin has finished a five-phase wave pattern, has bounce off the golden Fibonacci Retracement level at the 50-day moving average, and is in the midst of a giant falling wedge — all telltale signs that the cryptocurrency is about the bounce higher. While he didn’t give a concrete target, his chart suggests that a move to $8,600 — 15% higher than current prices — will likely take place in the coming weeks
$BTC is looking so Bearish… this is totally not a falling Wedge @ E wave @ Golden fib @ 50MA$BTC is definitely going to sub 1k now! it’s over! No one expecting a bounce here, certainly not me! I’m short!
— 𝓥𝓮𝓵𝓿𝓮𝓽 📊丝绒 (@888Velvet) November 29, 2019
It isn’t only Velvet that thinks BTC is ready to head back into the $8,000 range.
A trader going by “George” earlier Thursday noted that Bitcoin’s price action over the past few days eerily resembles the price action that was seen from Monday to Wednesday this week, which was marked by a downward consolidation, then an upward breakout. This short time frame and simple fractal suggests that Bitcoin will surge around 8% to $8,000 in the coming days, potentially by the end of the month.
Probably nothing… pic.twitter.com/MpN0SOjqAk
— George (@George1Trader) November 28, 2019
Related Reading: Give Thanks For These Crypto and Bitcoin Black Friday Deals
Long-Term Bull Intact Too
Velvet isn’t only short-term bullish, for he’s also developing a long-term bull bias as well. Per previous reports from NewsBTC, the analyst posted a chart that suggests Bitcoin sees a bear trap play out at each market cycle’s bottom. After that, there’s a short impulse wave up, taking the price of the cryptocurrency above the 20-week simple moving average which acts as a mid-line to the Bollinger Bands technical indicator. There, in what is expected to be the next phase in price action, the asset begins to trade sideways before the full bull run begins.
👉NOVEMBER = IMPORTANT MONTHLY CLOSE!
✅DIAGONAL BULL CHANNEL
✅20SMA (BB band)
IF YOU SUCCEED YOU WILL BE REWARDED WITH A BULLCROSS NEXT WEEK 50MA/100MA = 🚀
Then Bears can BTFO!
Drop MIC 🎤
— 𝓥𝓮𝓵𝓿𝓮𝓽 📊丝绒 (@888Velvet) November 25, 2019
Technical lingo aside, what he is suggesting is that if Bitcoin closes the month above the $7,000 range, there is a high likelihood that BTC is on the verge of entering the next parabolic phase of the bull run, a bull run that could bring the cryptocurrency to fresh all-time highs, analysts say.
Featured Image from Shutterstock