Analysts Are Not Convinced Of A Bitcoin Rally Just Yet

Analysts are not convinced of a Bitcoin rally just yet as both ETH and BTC underwent strong rallies over the recent week since their September lows. In today’s Bitcoin news we are reading more about the price analysis.

Bitcoin is now trading at %16,000 far above the $9,800 that was seen in September. Other assets also ripped higher but not everyone is convinced that the rally will continue. Analysts are not convinced of the rally as the second wave of the pandemic is sweeping the world along with the two biggest altcoins running up against the key resistances where a drop could follow suit. Bitcoin and Ethereum have undergone strong rallies in the past few weeks since their September lows as BTC is now trading for $15,900 after falling as low as $9800 during the September drop. ETH now trades at $480 after bottoming at $315.

The bounce brought a decisive win for the bulls, allowing both ETH and BTC to secure key support levels. However, analysts don’t believe that Bitcoin could continue the ascent from here. One crypto-asset analyst noted that both of the assets could be setting up for a retracement after their respective strong rallies. He explained that with the second wave of the pandemic sweeping the world along with ETH and BTC running up against the key resistance level, a drop could follow:

 “As euphoria sweeps CT, the pandemic’s second wave is sweeping the world. Will Fed intervention keep everything afloat? Probably. But pandemic + weekly resistance = reduce risk for me. As said, I sold off some spot #Bitcoin at $15750. Today, some $ETH at $472. Also please do not interpret this as selling my bags. I still hold spot $BTC, still hold spot $ETH. All I’m doing is taking some profits during an extremely strong rally. With a new pandemic wave right around the corner and no stimulus in sight, I want some dry powder in case.”

Bulls seem to be favored in the long-term but the analysts’ charts seen show that Bitcoin is on track to even hit $17,000 or higher due to the technical trends:

 “I think there’s a decent chance bitcoin breaches $17k and even into $18k in the next 10 days (next weekly candle). We are due for a decent mid timeframe blowoff and chill for a bit and wicking into the ATH cluster just feels so right… The path to $18k or ATH wick seems the path of least resistance. Nobody wants to sell until then and everybody is buying dips. Easiest way to create market balance is to do it quickly then let the market chop around a bit.”