Soon after sustaining an increase of buying pressure yesterday, Bitcoin has been able to uphold its upwards momentum and has not experienced any significant retrace in the time since its recent surge, which may lead to growing strength amongst BTC’s bulls.
One notable cryptocurrency analyst is now noting that he forecasts BTC to see further upside in the near-term, with an initial target existing at approximately $8,400, which he expects to be visited in the coming few hours.
Bitcoin Stable Around $8,200 Following Yesterday’s Climb
At the time of publishin this article, Bitcoin is trading down marginally at its current price of $8,250, which marks a minor rise from its recent lows of $7,900 that were set recently, and BTC’s capability to surge from this price level even more validates it as a notable support area that might eventually prove to be a long-lasting bottom.
Over the past several weeks, BTC has actually regularly discovered significant resistance within the mid-to-upper $8,000 region, which makes its response to this area in the near-term crucial for identifying its near-term pattern, as a failure to support within or above this area might indicate that further debt consolidation is imminent.
HornHairs, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin in a recent Tweet, describing that he sees several bearish signs appearing on its 3-hour chart, which might suggest that additional downside action is pending…
Analyst: BTC May Be Positioned for Further Gains if It Can Move To $8,400
Contrary still to HornHair’s bearish predictions of BTC, Flood – a renowned Bitcoin trader who just happens to have a solid history of precision accuracy when it relates to his calls – detailed in a tweet recently that he feels Bitcoin is positioned for further gains if it is able to move above $8,400.
How BTC reacts to the $8,400 region later on today will more than likely play a big part in where the whole crypto markets are heading next.
Featured image from Shutterstock.
The post Prominent Analyst Believes Bitcoin is Ready to Target Higher Prices appeared first on NewsBTC.