Bitcoin (BTC) has finally come to life once again on its short-term charts. Over the past 8 odd hours, the crypto currency has risen from $ 9,150 and is $ 9,800, up 6% during writing.
Melker: Bear trend reverses in Bitcoin
According to the new graph of Melker, a popular crypto currency analyst, this sudden development has caused the BTC to move downwards and rise above the previous low / resistance. Moreover, the Relative Strength Index (RSI) is trying to break even further, topping up, and the rising candle structure may indicate that the bearish trend is currently reversing. Timothy Peterson: Bitcoin is worth over $ 8,000
Prominent American crypto fund manager Timothy Peterson said in his notes that the current active Bitcoin figure shows that the BTC is overvalued. According to the Peterson model, which has a 30-day average (as of July 13) of the number of active accounts on Bitcoin Blockchain, BTC currently has a value of over $ 8,000.
Josh: The retreat will last up to $ 8,000!
A tweet on Saturday focused on the same level as Timothy Peterson in Josh Rager, a leading technical analyst and crypto currency commentator. Rager suggested that the combination of graphical data and chain data shows that "withdrawal" will likely continue for up to $ 8,000. According to the analyst, this level acted as a key horizontal support and resistance level in the 2018 collapse.
Nunya Bizniz: Bitcoin is currently in a long phase of accumulation
An analyst named Nunya Bizniz compares Bitcoin's current price movements with the previous two cycles and states that we are now in a long accumulation period. According to the analyst, we will see a big price rally after this accumulation period. Bitcoin, apparently rising from $ 3,150 to a $ 14,000 peak, was the expansion phase; What happens now is the accumulation phase. So where exactly will this re-accumulation phase lead? At least in the current crisis, there seems to be a consensus among analysts around $ 8,000.
Crypto Kea: Bitcoin will see correction for $ 7.505
Renowned Bitcoin analyst Crypto Kea said that if history repeats itself and Bitcoin reverses its short-term downward trend, as in 2012 and 2017, it can find support anywhere between $ 7.148 and $ 8,700. This is between 1.20 times and 1.46 times the 200-day moving average, which is now $ 5,957. Crypto Kea added that the most likely hedef most likely target dolar would be $ 7.505 and there would be a 20% drop in the current Bitcoin price.
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