Those bears who wanted the Bitcoin (BTC) price to dip below the $9,000 level didn’t get their wish. According to trader Josh Rager, there has been an “official” bearish-to-bullish trend change.
The top coin has already printed a series of higher highs and lower lows on the daily chart.
For you $BTC bears in denial, the trend has officially changed & many still don’t seem to understand that
I made a chart to show you what it looks like when a trend changes to higher-highs and higher-lows
It’s a simple concept
BTC even closed above a key level at $9550
The $9,100 flip was a game-changer
On Feb. 4, the Bitcoin (BTC) price dipped to as low as $9,062 on the Bitstamp exchange. With bears taking back control, it looked like another “China pump.”
The following day made a significant difference for the bulls. A couple of solid green candles put them back in the driver’s seat and allowed BTC to reach a new yearly high of $9,777.
Trader Jacob Canfield says that the $9,100 flip was “a big deal” for BTC since this level acted as support for the big descending triangle that eventually broke in September and the China-driven rally in late October.
Zoom out and keep it simple.
The $9100 flip was a big deal for #bitcoin. Former support of the ‘descending triangle’ and the China pump.
Ascending triangle forming on RSI with a clear uptrend channel on the daily.
$18,500 before halving?
While it might be crystal clear that BTC is an uptrend, the million-dollar question is high it might go. Based on the DeMark Sequential indicator, market analyst Thomas Thornton predicts more upside that will be followed by a “buyable pullback.”
Bitcoin now up 51% from when I showed the DeMark Sequential and Combo buy Countdown 13’s in mid December on the Hedge Fund Telemetry Daily Note. A little more upside before a buyable pullback is my view from here
image by @TommyThornton
Meanwhile, crypto trader Michael van de Poppe still sees BTC reaching $18,500 before the halving event.
Don’t pinpoint me. Just some thoughts.
Market is still in very good shape and some sideways/consolidation movements are great.
Upwards grind until like $11,000 after which breaking $11,000-11,600 would trigger FOMO pre-halving.
image by @CryptoMichNL
As reported by U.Today, Fundstrat’s Tom Lee predicted that the BTC price could surge by nearly 200 percent during the next six months.