As you are likely aware, Bitcoin (BTC) hasnt done too well over the past two-odd days. Since Friday, the cryptocurrency has shed 6% of its value, tanking from $9,250 to $8,700 in a strong move lower that came after nearly two weeks of bullish consolidation above $9,000.<\/p>\n
Despite this relatively mild price action, which wasnt exactly a move that slaughtered bulls per se, a number of traders have flipped bearish. Bloomberg, for instance, wrote that there is a likelihood that if the bearish pressure persists for a little more, Bitcoin will trend all the way back to $7,300 back where it was prior to the most recent swing upwards.<\/p>\n
This sentiment, according to a number of analysts, is irrational.<\/p>\n
Popular crypto trader Mayne recently noted that the people waiting for $6,000 are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that its totally possible we can go lower from $8,800.<\/p>\n
Crypto Michael echoed this line. The Amsterdam Stock Exchange trader poked fun at the euphoria that bears have had over the past days, accentuating the irrationality of the claims that a retest of the lows is on its way, especially in the context of the recent 42% gain:<\/p>\n
I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC.<\/p>\n
Delphi Digital has corroborated this sentiment with data. Per previous reports from NewsBTC, the prominent cryptocurrency markets research firm found that there is a confluence of evidence suggesting that Bitcoin found a trend bottom at $7,300 two weeks ago.<\/p>\n
One of their tidbits of evidence is that Bitcoins volume profile, the amount of cryptocurrency that was traded, has printed clear signs that a bottom is in. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase.<\/p>\n
They added that they currently see the cryptocurrency market very tied to risk assets, like the S&P 500. With risk assets setting new all-time highs on Friday after a strong jobs report and a potential trade deal, it could be said that BTC will surge higher with the risk assets.<\/p>\n
Indeed, the cryptocurrency long-term charts and signals still seem to be implying that medium to long-term upside is highly likely.<\/p>\n
Asreported by NewsBTC previously, Trader HornHairs has noted that he likes the chance we hit $14,000 before $7,000. He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish.<\/p>\n
Also, trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a golden cross, which he claims is far more significant for the Bitcoin market that other technical crosses.<\/p>\n
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