Kitco's chief market analyst Jim Wyckoff remains bullish on Bitcoin (BTC) despite a four percent price drop that pushed the coin's price back in the four-digital reality.
In his new market update, Wyckoff writes that traders should expect more upside price action in the short-term.
"Bulls remain in firm near-term technical control and are enjoying a price uptrend in place on the daily chart, to still suggest more upside price action in the near term."
A sentiment-shifting dip
This was a slap in the face for all bulls who prematurely tweeted about Bitcoin never trading below the aforementioned level again. In just 24 hours, BTC ironically ended up in the high-$9,000s.
It took one dip and one looming bearish engulfing candle on the daily chart for crypto Twitter turn bearish.
Even more bullish?
However, some level-headed traders perceive this move as the start of another consolidation phase within this uptrend.
Popular crypto analyst Satoshi Flipper even predicted that the price of Bitcoin could skyrocket up to $10,900 before eyeing after successfully bouncing off the $9,800 support.
BTC is currently sitting at $9,888 on the Bitstamp exchange.