Bitcoin has stalled around the $7,000 region during the holiday season and did not make much of a statement as expected. In the latest Bitcoin news, we can see that the cryptocurrency is starting to shake out. According to one analyst, a rally with a 25% increase is on the horizon – and it could propel Bitcoin (BTC) to heights of $9,000.
Even though many people say that these rejections are indicative of an impending return to the ,000 region and then the ,000 levels, a growing sentiment is everywhere around us.
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The leading cryptocurrency could trade in the $8,000s and $9,000s in the coming weeks – and a number of analysts are agreeing with this.
According to an analyst and trader with a nickname Velvet, a rally with a 25% increase is very likely to occur. The trader shows that he believes BTC is currently in the midst of reflecting a textbook Wyckoff Accumulation pattern.
For those of you who don’t know, this pattern is characterized by a strong decline (something we saw), a recovery (something that also happened) and false breakout constricted by resistance. A drop to set a fresh bottom lower than the original is the next step, followed by failed attempts to break past resistance. Then, a final shakeout occurs prior to a surge back to pre-decline levels.
The analyst suggested that a rally with a 25% increase is in the works and Bitcoin “is in its final shakeout phase of the pattern. His tweets include visuals and illustrations as a proof of this pattern.
This is what I see..
I'll leave the narrative up to you. https://t.co/r0BaIYIwdH pic.twitter.com/2QqKGzY1GZ
— 𝓥𝓮𝓵𝓿𝓮𝓽 📊🏴☠️ (@888Velvet) January 3, 2020
However, this is not the only analysis that suggests a bullish momentum is coming. Previous reports from different outlets show that Bitcoin can explode higher. The trader @SalsaTekila also shared this and predicted a new increase.
Su Zhu was another one to remark that he believes BTC heading into 2020 is looking rather bullish. He said that there are “clear signs of accumulation” and that he would not be surprised to see a rally with an increase to $9,000 by the end of January.
BTC/USDT premiums and price action show clear signs of accumulation and money flow back into risk.
Would not surprise me to see 9K+ before end of Jan.
— Su Zhu (@zhusu) December 28, 2019
At press time, BTC is just above $7,340 with a positive increase on the day and $20 billion in trading volume. The dominance is at 68.2% and the market is stabilizing, trading at a total of $195 billion.
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