After facing a sharp drop into the upper-$6,000 region yesterday morning, Bitcoins bulls have stepped up and propelled the crypto higher, laying the foundations for the cryptocurrencys recent lows to be a mid-term bottom for BTC.<\/p>\n
Analysts now widely expect Bitcoin to see further gains in the short-term, but it is important to note that the cryptocurrency is still firmly caught in a mid-term bear trend, which means that it may ultimately see further downside in spite of its near-term bullishness.<\/p>\n
At the time of writing, Bitcoin is trading up over 2% at its current price of $7,320, which marks a notable climb from its daily lows of roughly $6,700 that were set during BTCs latest sell-off.<\/p>\n
This level has long been viewed as a strong level of support for the cryptocurrency, and its bullish price action in the time since it visited this level confirms that this is in fact a strong level of support, and may signal that further bullishness is imminent in the near-term.<\/p>\n
Further supporting this notion is the fact that Bitcoin has broken above the upper boundary of a clearly defined pennant that it formed in the time following its recent drop, which may signal that further upwards momentum is imminent.<\/p>\n
Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet while pointing to the chart seen in the below tweet.<\/p>\n
$BTC #bitcoin early action favors bulls, he concisely noted.<\/p>\n
As for where this upwards momentum may lead BTCs price in the near-term, Alex Krger, a popular economist on Twitter who focuses primarily on cryptocurrencies, explained that he believes BTC will visit $8,000 shortly, but that further downwards momentum is imminent.<\/p>\n
$BTC views this is a bear market, price action says so price set a local bottom today $8000 will trade again soon => short above good spots for longs: $6400\/$6000 high odds halving wont be bullish many miners will capitulate if hash growth continues unabated, he explained.<\/p>\n
Assuming that the upcoming mining rewards halving is not a bullish catalyst for Bitcoins near-term price action as Krger believes, BTC may see significant further losses in the coming weeks and months.<\/p>\n
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