- Several analysts are predicting a large bullish movement for Bitcoin’s price (BTC) in the short term.
- The Bitcoin volume on the spot market is reaching levels historically associated with an upward movement.
In the last 24 hours, the price of Bitcoin (BTC) has recorded an increase of 1.5% and at the time of publication is $9,334. Regardless of this, several analysts agree that the number one cryptocurrency in terms of market capitalization will start an upward trend within the next couple of days.
The CEO of Morgan Creek Digital, Jason Williams, is one of them. Via Twitter Williams said that the Bitcoin chart is beginning to outline a pattern known as the ascending triangle. In that sense, the relative stability of Bitcoin could end sometime this week and set the stage for a rally, as Williams stated:
This feels like a little World Cup of sorts. Bitcoin could break out on or about the 22nd. I don’t think I would want to be on the sidelines going into this… Bitcoin volatility could be extraordinary to the upside.
Bitcoin’s spot volume signals massive rally
Another analyst who is optimistic about Bitcoin is Ethereum Jack. Via Twitter, the analyst reported that the spot volume of Bitcoin has reached a level that historically precedes a massive price increase. This is also confirmed by Bitcoin’s Bollinger Bands. The analyst said that this indicator signals an impending bullish move, which the analyst believes will occur this week.
— //Ethereum 𝕵ack 🐾 (@BTC_JackSparrow) July 20, 2020
Analyst “CRYPTO₿IRB” has also predicted a “monster outbreak” of the Bitcoin price within the next 3 days. The analyst recommended investors to split their portfolio between Bitcoin and US dollars and warned of a return of volatility for the cryptocurrency. The analyst pointed out that Bitcoin inflows on the exchanges are at a very low level, so he concludes that there is currently no interest in selling BTC:
Exchange $BTC inflows at its severe lows (no selling interest so far) vs. spikes in the past years in before any major selloff. Moreover, the longer we stay in 8100-10500 range, the more sentiment declines. Hidden bullish divergence/continuation vibes?
— CRYPTO₿IRB (@crypto_birb) July 20, 2020
Analyst and trader Walter Wyckoff believes that Bitcoin will receive a boost from the positive performance of the S&P 500. In recent months, Bitcoin has shown a correlation with the S&P 500, and the index is now expected to be positively impacted by progress towards a Covid-19 pandemic vaccine, as Wyckoff said:
Probably SPX is gonna rip on vaccine news and if that happens it is gonna pull up BTC. I think that futures opening on legacy will give a clue on what we should expect for the breakout of BTC. Can’t see Bitcoin giga dumping while markets make new highs.
In contrast, the veteran trader Peter Brandt is at the extreme end of the predictions mentioned. Brandt believes that investors should expect a downward movement. The trader explained that he bases his arguments on “market psychology” and expects the BTC to drop to $7,000 or $7,500 before there is an upward movement.
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