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Bitcoin Hovering at $7,500 but Analysts Point to a Potential Surge

December 8, 2019 at 1:43 by Matt Jackson

Bitcoin has been trading between $7,450 and $7,550 for most of the day. A number of analysts and commentators have said that signals are pointing to the cryptocurrency forming a bottom, and have warned that there is a price increase coming and that it could prove to be a big one. Not all analysts agree, of course, with some pointing to a retest of $4,400 as the likely next move.

Meanwhile, most other major coins have held steady on the day, with Tezos being the largest coin to have made significant gains. Ethereum’s Istanbul hard fork has not helped the second-largest cryptocurrency, having posted a moderate loss against the dollar in the past 24 hours.

According to market intelligence firm Glassnode’s Twitter account, Bitcoin’s bottom could already be with us. They pointed to the ratio between Market Value and Realized Value as being a key indicator. They have said that the ratio is getting closer to reaching 1, which is a sign that the bottom is nearly in. They went on to say that there would be a “strong reversal” when it does reach the bottom.

Another crypto analyst, Thies, has used his own Market God v7 indicator as a guide. This uses algorithmic signals to determine when to short Bitcoin, and Thies has said that the indicator has now dissipated, suggesting that a major sell indicator is no longer in play.

Crypto analyst Eric Crown disagrees with all the bullish sentiment. Using the weekly chart, he has identified that every time the 21-week EMA crosses below the 10-week SMA, there is a 65% to 75% market decline. This points to prices falling to $4,400. So too does the fact that Bitcoin closed below the neckline of a head and shoulders top pattern.

With the Bitcoin halving set for 2020, there is a lot of expectation for the cryptocurrency to see its next bull run in the coming months, but keen spectators know that cryptocurrency doesn’t always adhere to expectations.

The second-largest cryptocurrency by market capitalization, Ethereum, has completed its most recent hard fork. Dubbed the Istanbul update, it includes 6 updates to the network. The hard fork was added to the network at block 9,069,000. The hard fork hasn’t helped prices, which are down 0.23% on the day.

One major cryptocurrency that is going to see further losses in the near future is that of Ripple, according to analyst Johnny Moe.

The much-maligned cryptocurrency has continued to struggle to break the $0.30 major resistance level, and Moe has said that it could retrace as much as 70% before it stages a meaningful run at the target again. Despite this, Ripple is actually trading 0.85% higher on the day.

The Bitcoin (BTC) price is up 0.02% on the day, changing hands at $7,545.08 while Ethereum (ETH) has slipped 0.23% and now costs $148.89, having struggled once again to break resistance at $150. Ripple (XRP) is up 0.85% at $0.228 while Bitcoin Cash (BCH) and Litecoin (LTC) are down 0.78% and 0.08% at $211.54 and $45.60 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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