After Bitcoin saw strong resistance at $ 7,500, the price of the leading crypto currency quickly dropped to $ 7,200, which led some to anticipate a long downward trend, but analysts are still optimistic about the BTC.
A well-known crypto currency trader said his analysis of the Bitcoin chart shows a significant bullish decomposition over the past few months. He also said that this could increase the price of the asset by 40% in the coming weeks.
Is Bitcoin (BTC) Ready for $ 10,000?
Trader Cold Blooded Shiller recently published the following analysis of the Bitcoin Renko candlestick chart showing the price movement in the last three years.
Although very little on the chart, the trader noted two previous price actions in BTC’s history. BTC increased 32% and 40% respectively in the two previous actions. The same pattern is reproduced, suggesting that the BTC may soon gain value by up to 40%, suggesting that the Bitcoin price may exceed $ 10,000.
Only the Cold Blooded Shiller points to this divergence, indicating that Bitcoin is on the verge of 40% more growth.
Earlier this year, Crypto currency analyst Filb Filb released the following chart and predicted that the BTC would fall to $ 6,000 after the $ 10,000 crossed. The analysis, which was highly criticized by some, took place 100%. The analyst says that Bitcoin, which is now looking to cross the $ 10,000 by 2020 halving, will once again form a dip below 7,000.
Bitcoin Decline Trend Not Over?
Although the Shiller is waiting for the jump, Bitcoin, which comes in at $ 14,000, may not find support for the bearish trend. The analyst says Bitcoin needs to find a bottom for the macro movement and says that there is no hard ground for the BTC.
According to the analyst, Bitcoin, trapped in a downward channel after the last bull run, is neither able to form a bottom nor gather power to penetrate the ceiling. So he thinks that $ 7,200 is not even close to the bottom.
I'll cover this off in a thread as I've been tagged in two threads asking for thoughts on $BTC Wyckoff schematics at this stage.
Let's explore it, I'll give you some education, things to look for and determine if we may be at a bottom. pic.twitter.com/a5FxQrkD00
— Cold Blooded Shiller (@ColdBloodShill) December 7, 2019