Bitcoin

Bitcoin: Analysts Target a Test of Range Lows at $7,800 in Near-Term

Bitcoin has been caught in a prolonged bout of sideways trading around $8,200 for the past several days, and it has failed to incur any notable upwards momentum in the time since it bounced from its recent lows of $7,800.

Analysts are now offering conflicting opinions on where Bitcoin is heading in the near-term, but one prominent analyst believes that its inability to gain any momentum after falling to its recent lows signals that it will likely revisit this price region once again in the near-future.

Bitcoin’s Momentum Stalls as it Ranges Around $8,200

At the time of writing, Bitcoin is trading up marginally at its current price of $8,225, which marks a slight retrace from its daily highs of roughly $8,300, but also marks a slight climb from lows of $8,150.

This tight trading range is emblematic of the sideways price action that the crypto has faced over the past several days, as BTC has failed to post any notable upwards momentum in the time since it bounced from lows of $7,800 in late-September.

Because Bitcoin has not been able to sustain the momentum it incurred after it touched this price level, some analysts do believe that it will once again revisit these prices in the near-term.

Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he expects BTC to move back to its range lows around $7,800 in the near-term.

“The price has been moving nicely, aside a small scalp here and there, this is what I’m looking at right now as we get closer to the 8th,” he explained while pointing to the below chart.

Although Kaku is currently anticipating a bearish near-term movement, other analysts are in disagreement with him, with The Cryptomist, another popular crypto analyst, explaining that she currently sees a potentially bullish scenario unfolding as BTC nears the apex of an ascending triangle.

“$BTC: Possible bullish scenario for btc; We have an ascending triangle. If this is accurate we should break 8425 resistance by 8th Oct. My target from last week of 8670 remains. Could be a leg up before further drop,” she said while referencing the chart seen in the below tweet.

Although analysts are at odds with where they see BTC heading in the near-term, it does go to show that the crypto appears to be at a critical turning point, and which direction it moves next could set the tone for the rest of 2019.