Bitcoin is currently in a daily uptrend and a higher low seems to be forming, however, the bulls need more trading volume in order to confirm that. Crypto_Bitlord, a cryptocurrency analyst and market pundit has recently expressed his thoughts about Bitcoin and how a drop to $8k seems unlikely.
This is what I’m looking at for the current $BTC setup.
We need to hold $9k with consistent volume to launch though that diagonal trapping us under $10k.
Very likely we launch. Hard 🚀
-Imo it’s highly unlikely we dump into $8k. Any dip is just a chance to load the boat 🚣♀️ pic.twitter.com/vu9qUeYNxA
— ฿ITLORD 01 (@Crypto_Bitlord) November 2, 2019
He asserts that Bitcoin needs to hold the $9k level with enough volume in order to break above $10k. That definitely seems to be the case as Bitcoin was rejected from the $10k level last time and the bulls have been unable to climb back up ever since.
It’s also important to note that the daily RSI is close to being overextended, which means that a move straight above $10k might not even be possible. Most twitter users that responded seem to agree with Bitlord’s forecast.
CryptoBull, another popular cryptocurrency analyst and Twitter user, has stated that after Bitcoin breaks $10k, it will never go back under that level.
Once we break $10k we are never going back under 🚀
— Crypto – $50k by December – ₿ull (@CryptoBull) November 2, 2019
The response on this Tweet has been far different than the last. Most people do not agree and are pointing out the fact that they have heard that saying many times before. A break above $10k followed by continuation would be obviously a great bullish indicator, however, it wouldn’t stop Bitcoin from crashing below that level afterward.
Bitcoin has traded above $10k many times this year and has lost that level many times too. The bulls are currently simply trying to achieve more trading volume as the weekly chart is shifting towards them.
The monthly chart remains highly in favor of the bulls who are trying to see a continuation of the uptrend created this year. The upcoming Bitcoin halving will also be a huge factor in the upcoming months and most analysts expect the price to slowly increase before the event in May 2020.
The overall sentiment seems to be positive as most people think Bitcoin will not go back below $8k any time soon. Bitcoin shorts have been significantly declining for the past 5 months and are currently at an all-time low on Bitfinex.
