After incurring an influx of buying pressure yesterday, Bitcoin has been able to sustain its upwards momentum and has not faced any notable retrace in the time since its recent surge, which may point to growing strength amongst BTC’s bulls.
One prominent cryptocurrency analyst is now noting that he anticipates BTC to see further upside in the near-term, with an initial target existing at roughly $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 writing, Bitcoin is trading down marginally at its current price of $8,250, which marks a slight surge from its recent lows of $7,900 that were set last week, and BTC’s ability to surge from this price level further confirms it as a notable support region that may ultimately prove to be a long-term bottom.
Over the past several weeks, BTC has consistently found significant resistance within the mid-to-upper $8,000 region, which makes its response to this region in the near-term imperative for determining its near-term trend, as a failure to stabilize within or above this region could mean that further consolidation is imminent.
HornHairs, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin in a recent Tweet, explaining that he sees multiple bearish signs showing up on its 3-hour chart, which may mean that further downside is imminent.
“$BTC #Bitcoin: Alright let’s see where she lands… bear divs showing up to the 3H. 30 min just swept the high. I’m in,” he said while referencing the below chart.
Alright let's see where she lands… bear divs showing up to the 3H. 30 min just swept the high. I'm in. pic.twitter.com/t044cdifFQ
— HornHairs 🌊 (@CryptoHornHairs) October 22, 2019
Analyst: BTC May Be Positioned for Further Gains if It Can Move To $8,400
Despite HornHair’s bearish analysis of BTC, Flood – a prominent Bitcoin trader who has a history of extreme accuracy when it comes to his calls – explained in a recent tweet that he believes Bitcoin is positioned for further gains if it is able to move above $8,400.
“Bitcoin looking decent here. Seems like these past few days were overleveraged people getting forced out of positions and breakout traders getting decapitated. I’d imagine we finally move up to 84xx in the next few hours. Once there we’ll PA will dictate the next move,” he explained.
Bitcoin looking decent here. Seems like these past few days were overleveraged people getting forced out of positions and breakout traders getting decapitated. I'd imagine we finally move up to 84xx in the next few hours. Once there we'll PA will dictate the next move. pic.twitter.com/lMyRq3ZJQS
— Flood [BitMEX] (@ThinkingUSD) October 22, 2019
How Bitcoin responds to the $8,400 region today will likely elucidate where the entire crypto markets are heading next.
Featured image from Shutterstock.