15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why

Since Bitcoin (BTC) tapped $6,500 in late-November, analysts have been wondering if the bottom is really in. You see, the leading cryptocurrency bounced by 20% from $6,500, hitting $7,850 just a week after that.Now, the crypto is trading for $7,400 a pop, seemingly trying to establish a market trend for the coming week. While some say that Bitcoin’s inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.Related Reading: Crypto Tidbits: Deutsche Bank Gives Nod to Bitcoin, EOS to Host Social Media, France Digital CurrencyWhy BTC Could Jump 15%Popular trader Mr. Chief (or Halo Crypto) recently noted that the cryptocurrency ball is finally entering the court of the bulls.He noted that the inverse chart of Bitcoin has shown that the cryptocurrency has broken below (meaning above) a key, some would say the penultimate,trend line that has been in place for over six weeks. The asset is also situated in a descending channel (actually an ascending channel) that implies a move to $8,500 is “definitely on the table.” A move to $8,500 would mark a 15% rally from current price levels.$BTC #BitcoinBullish on BTC in the near future$8k is safe bet
$8.5k is definitely on the table pic.twitter.com/6IW77wF3TT
— Mr Chief (@HaloCrypto) December 7, 2019Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is RiskyBitcoin Bottom in; Upside LikelyIt isn’t only Halo that is starting to see bullish trends form on Bitcoin’s price charts.Per previous reports from NewsBTC, Adaptive Capital’s Willy Woo, a popular on-chain metrics analyst, noted on Dec. 7 that a proprietary indicator his fund uses is implying that the usage of the Bitcoin network is implying that bulls will soon gain the upper hand again:“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view.”

This post was originally published on www.newsbtc.com