CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher
Cointelegraph By Benjamin Pirus's original article for cointelegraph.com reduced by 45%
The $8,000 mark seems to be an important price point for crypto's market leader, Bitcoin. After a stark $1,700 drop in price on Sept. 24, Bitcoin and the rest of the cryptocurrency market seem to have taken a few steps back regarding the overall trend, which showed significant exuberance in June 2019.
Big Cheds predicts a price reversalBig Cheds pointed out that on Oct. 6 Bitcoin closed out another weekly candle with a tweezer bottom. The analyst noted the tweezer pattern occurred near the bottom arm of the weekly Bollinger Band indicator, which shows that Bitcoin's price is relatively low.
Weekly Bitcoin price chartAs the largest player in the new and developing digital asset space, Bitcoin often dictates the strength of the entire market. Interestingly, as Bitcoin price broke down on Sept. 24, popular trader Tone Vays made the argument that no new retail funds had entered the crypto space.
Bitcoin price is also near a multi-week support level around $7,500.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.