In the short term, it is key to note that Bitcoin has gained remarkable support on the level at $ 8,300, meanwhile its latest attempt at a decisive rebound after the last fall signals that further range trading may be inevitable.
In the recent 72 hours, Bitcoin has progressed more than 10 percent from a low level of $ 8,300 to an elevated level of $ 9,188. The bullish momentum had the affinity to push the crypto asset past the moving average by 5 and 13 handles on the daily chart, recording a positive inclination. Flipping this key barrier level into support is seen as one of the indicative signals that the BTC is going to enter a significant consolidation established by historical data.
Besides, daily moving averages of 5 and 13 on the BTC signal that the crypto asset is on the verge of moving into a stable bull market. One critical specialized movement is the moving average 5 and 13, directed upwards, showing the movement of the blue line above the red line, indicating an uptrend, but the signal itself is not sure that the bull will continue to rise.
Some of the most prominent analysts in the cryptocurrency industry have set out their bullish prospects for Bitcoin. For example, on the opinion of 45-year-old trading veteran Peter Brandt, the first crypto asset may advance to $ 21,400. Brandt opinionated that such a bullish event is feasible on the off-chance that the top zone of the downward parallel channel of the 18-day moving average and the 3-day trailing stop rule can be preserved. However, if these support levels are breached, Brandt anticipates a “further key adjustment” to occur.
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