Will Bitcoin Break Above $14000 or Fall Back Below $10,000?


Bitcoin’s [BTC] failed attempt at a break-out the last day has significant implications on its price analysis. This is because it comes at a time when the market sentiment has a high bullish penchant.

A couple of reasons or catalysts might have caused the drop, including Jerome Powell’s criticism of Libra. Moreover, the fact that Bitcoin has taken a negative turn on the day Fed announced a rate cut view also raises significant concerns as to its utility as a safe haven.

Nevertheless, TA analysts like Willy Woo have a much more bearish outlook for Bitcoin. In a recent analysis with Tone Vays and Tyler Jenks, Willy Woo spoke about the NVT analysis on Bitcoin. It is a metric that takes into consideration the on-chain volume and market cap of Bitcoin.

According to Willy Woo’s NVT analysis, the market cap has far exceeded on the on-chain volume at this moment. Hence he said,

“So I am really cautious. Now to say its a good time to say this is the top. This is could hang around this region for a long time before it pulls back. But we’re not really in a situation where we’re set up to do a long term bull run.”

nvt analysis bitcoin
Bitcoin Analysis: NVT Signal (Source)

He also suggested a more significant pullback to $8000 levels before another bull run begins. Moreover, Tone Vays believes that there is a further higher probability of a pullback below $8000. Vays tweeted,

Always Bullish on #Bitcoin, but what does it mean for me to be Bullish on $BTCUSD? – It means the probability of New All-Time Highs at $20k is Greater than New Swing Lows at $3k –

This ‘can’ change with a drop under $10k – It just depends on IF, HOW & WHEN it drops under $10k

Nevertheless, another prominent trader, B.Biddles, is however extremely bullish on Bitcoin. He suggested the formation of an ascending triangle on the 12-hour chart. According to B.Biddles analysis, Bitcoin has several optimistic possibilities all pointing towards a bullish break. The triangles project a break above $12,5000-$14,000 with targets ranging between $14,500 to 18,500.

B.biddles bitcoin
Bitcoin Price Analysis of 12-Hour Chart (Source)

Mati Greenspan, the Senior Market Analyst at eToro, has also suggested that the $10,000 is a critical level to watch out for in the next couple of days.

Do you think Bitcoin will continue its bull run or consolidate below $10,000? Please share your views with us. 

Summary

Will Bitcoin Break Above $14000 or Fall Back Below $10,000? - Analysts Weigh in

Article Name

Will Bitcoin Break Above $14000 or Fall Back Below $10,000? – Analysts Weigh in

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Bitcoin’s [BTC] failed attempt at a break-out the last day has significant implications on its price analysis. This is because it comes at a time when the market sentiment has a high bullish penchant.

Author

Nivesh Rustgi

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CoinGape

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Disclaimer
The presented content may include the personal opinion of
the author and is subject to market condition.
Do your market research before investing in cryptocurrencies.
The author or the publication does not hold any responsibility
for your personal financial loss.



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