{"id":58786,"date":"2019-12-13T08:17:40","date_gmt":"2019-12-13T06:17:40","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58786"},"modified":"2019-12-13T08:24:12","modified_gmt":"2019-12-13T06:24:12","slug":"bitcoin-price-ready-to-head-towards-8000-see-10-drop-analyst","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-ready-to-head-towards-8000-see-10-drop-analyst\/","title":{"rendered":"Bitcoin Price Ready to Head Towards $8,000, See 10% Jump: Analyst"},"content":{"rendered":"<h2><strong>Bitcoin Ready to Shoot Higher<\/strong><\/h2>\n<p>Bitcoin may have been stagnating above $7,000 over the past few days, though a popular trader has said that pressure on the bullish side is rapidly building.<\/p>\n<p>The trader, Satoshi Flipper, <a href=\"https:\/\/twitter.com\/SatoshiFlipper\/status\/1205305708595601409\" rel=\"nofollow noopener\">noted<\/a> that the Moving Average Convergence Divergence (MACD), which is a trend-following indicator, has flipped green on the four-hour chart. The last two times this signal was seen, Bitcoin rallied by 13% and 5%, respectively. Flipper added that with BTC holding the key $7,000 support, he would be inclined to suggest that a strong 10% bounce to $8,000 could play out over the coming days.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Maybe something like this \ud83e\uddd0<\/p>\n<p>I like that MACD bullish cross on the 4 hr<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/QFFxATXu2M\" rel=\"nofollow\">pic.twitter.com\/QFFxATXu2M<\/a><\/p>\n<p>&mdash; Satoshi Flipper (@SatoshiFlipper) <a href=\"https:\/\/twitter.com\/SatoshiFlipper\/status\/1205305708595601409?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It isn&#8217;t only Satoshi Flipper who claims that Bitcoin&#8217;s chart is looking more bullish than it is bearish.<\/p>\n<p>Per <a href=\"https:\/\/en.ethereumworldnews.com\/bloomberg-bitcoin-may-have-hit-a-bottom-in-6500-plunge\/\">previous reports from this very outlet<\/a>, Bloomberg wrote that with Bitcoin\u2019s price stabilizing \u201cabove its support level of the initial [CME futures] gap created on May 10,\u201d there\u2019s potential that a bottom was marked in the $6,500 range.<\/p>\n<p>Mike McGlone, a commodities strategist at Bloomberg, echoed this, saying that it is \u201conly a matter of time\u201d before the cryptocurrency breaches through resistance, the most notable of which being the horizontal and psychological resistance at $10,000.<\/p>\n<p>McGlone backed this optimistic quip by looking to a potential rally in gold, which he claims would boost the Bitcoin bull narrative, as such a rally would be caused by macroeconomic turmoil, something analysts say is beneficial for alternative assets as a whole. He also looked to growing levels of adoption in the cryptocurrency space coupled with the idea that the impending halving will act as a negative supply shock for Bitcoin\u2019s market economics.<\/p>\n<h2><strong>Fractal of 2018 Bottom Also Implies Strength<\/strong><\/h2>\n<p>That&#8217;s not the only sign that implies Bitcoin is readying to thrust higher.<\/p>\n<p>Popular trader\u00a0<a href=\"https:\/\/twitter.com\/JonnyMoeTrades\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">Jonny Moe<\/a>\u00a0recently\u00a0<a href=\"https:\/\/twitter.com\/JonnyMoeTrades\/status\/1204896727330951170\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">noted<\/a> that the price action seen from December 2018 to now is structurally very similar to the entire 2016-2018 market cycle, with there being a parabolic run-up, a descending triangle consolidation, a breakdown of that triangle into capitulation, a then a five-wave bottoming process.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">*takes a deep hit of the hopium* <\/p>\n<p>Who&#39;s with me???<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> <a href=\"https:\/\/t.co\/qjl7C7tsdN\" rel=\"nofollow\">pic.twitter.com\/qjl7C7tsdN<\/a><\/p>\n<p>&mdash; Jonny Moe (@JonnyMoeTrades) <a href=\"https:\/\/twitter.com\/JonnyMoeTrades\/status\/1204896727330951170?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 11, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This comes shortly after another popular trader, Cantering Clark, <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-uncanny-resemblance-to-3000-bottom-of-2018-shows-price-could-soon-explode-higher\/\">made a similar retort<\/a>, drawing attention to an \u00a0\u201cuncanny resemblance\u201d between the BTC price action seen over the last few days and the December 2018 accumulation phase.<\/p>\n<p class=\"svecc-content-banner-added\">The fractals suggest that the pain ended when Bitcoin hit $6,500, and that a new parabolic phase may begin to form next year.<\/p>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Ready to Shoot Higher Bitcoin may have been stagnating above $7,000 over the past few days, though a popular trader has said that pressure on the bullish side is rapidly building. The trader, Satoshi Flipper, noted that the Moving Average Convergence Divergence (MACD), which is a trend-following indicator, has flipped green on the four-hour chart. The last two times this signal was seen, Bitcoin rallied by 13% and 5%, respectively. Flipper added that with BTC holding the key $7,000 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":58492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[7663,188,6971,83,162,111],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58786"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=58786"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58492"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=58786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=58786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=58786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}