Bitcoin Blasts Past $7,500, but Bulls Are Not Out of the Woods Yet

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Wed, 12/04/2019 - 14:13
Alex Dovbnya

Here's why the most recent Bitcoin price pump to the $7,500 level could be a flash in the pan

Cover image via 123rf.com

The Bitcoin price has surged above the 7,500 mark, adding $300 in mere minutes. BTC has managed to reach an intraday high of 7,592, CoinStats data shows.   

image by coinstats.app 

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Bulls managed to score a short-term victory by postponing a drop below the $7,000, which seemed pretty much inevitable based on the coin's grim technical picture. 

Notably, Bitcoin managed to fill another CME gap, which just goes to show how reliable this price indicator is. Most of the gaps that are created when Bitcoin futures are not traded on CME tend to get eventually filled sooner or later.           

image by @HsakaTrades

The most recent upward move was in line with an accurate fractal that shows a 20 percent pullback after a short-lived price bounce. Bitcoin could still drop to as low as $6,200 in December.

image by @nebraskangooner

Hence, there could be more blood on crypto streets before the end of 2020.       

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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