Bitcoin’s bulls have been able to step up and support BTC’s price following its recent drop below $9,000, which points to an underlying strength that may signal that the cryptocurrency will soon post a strong recovery from its recent lows.
Analysts are now widely anticipating BTC to post decent gains in the near-term, with one analyst explaining that the crypto is currently forming a similar technical formation to the one that was seen just prior to its rally from $7,300 to $10,600.
Bitcoin Stabilizes Above $8,800 Following Recent Dip
At the time of writing, Bitcoin is trading down marginally at its current price of $8,825, which marks a slight drop from its 24-hour highs of just over $8,900 that were set earlier today.
Earlier this past week, Bitcoin plummeted from its previous trading range between $9,000 and $9,500, which showed that bears had gained the upper hand over BTC’s bulls, although its drop quickly grinded to a halt after it found significant support around $8,800.
In the near-term, analysts are noting that they anticipate the cryptocurrency to climb past $9,000 before it hits a resistance level that sends it spiraling significantly lower.
The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, telling her followers that she believes BTC will tap $9,200 before it continues descending lower.
“$BTC: Short term looks like bulls have chance to push price back up to 9.2 region, before further downside. Possible falling wedge here on the 4hr time frame. Still could be one further touch at support,” she said while pointing to the below chart.
Short term looks like bulls have chance to push price back up to 9.2 region, before further downside
Possible falling wedge here on the 4hr time frame. Still could be one further touch at support pic.twitter.com/vUseEmOFus
— The Cryptomist (@TheCryptomist) November 10, 2019
Could BTC Be Gearing Up for Another Massive Surge?
Although The Cryptomist believes that BTC will continue falling lower after a brief upwards movement, other analysts believe that the crypto may be gearing up for another massive surge similar to the one seen in late-October.
Galaxy, another popular analyst, spoke about this possibility in a recent tweet, pointing to a chart that shows that BTC is building a similar technical formation to the one that was formed just prior to its rally that sent it from $7,300 to $10,600.
“Bears are funny creatures. They also start hibernating in November. Send it. $BTC,” he said while referencing the chart seen below.
Bears are funny creatures.
They also start hibernating in November.
— Galaxy (@galaxyBTC) November 10, 2019
The coming few days and hours will likely elucidate whether or not bulls will soon step up and catalyze another massive BTC movement, or if the crypto will cut deeper into the gains it posted at the end of last month.
Featured image from Shutterstock.