It is looking increasingly likely that Bitcoin’s 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.
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.
Bitcoin Surges Towards $8,000 as Bulls Build Momentum
At the time of writing, Bitcoin is trading up over 2% at its current price 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.
Bitcoin’s 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.
In the near-term, analysts anticipate the cryptocurrency to see further gains, with HornHairs – a popular cryptocurrency analyst on Twitter – telling his followers that he believes Bitcoin will tap $8,000 next.
“$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,” he noted while pointing to the chart seen below.
BTC a Clear Long as it Shows Signs of Bottoming
Alex , a popular economist who focuses primarily on cryptocurrencies, explained in a recent tweet that he believes Bitcoin is currently expressing signs of showing a clear long-term bottom.
“My current $BTC roadmap. Should be obvious why I believed $8000 “will trade again soon”, it’s where downtrend accelerated. The bottom is textbook perfect, many people quit in rage, Bitmex funding about to turn positive. Nothing to chase if not long IMHO,” he explained while pointing to a couple charts seen in the below tweet.
If Bitcoin is able to reclaim $8,000 as a level of support in the near-term, it is highly probable that the cryptocurrency will be able to further extend its upwards momentum and post significantly further gains in the near-term.