Bitcoin (BTC) Is Now 'Officially' in Bull Trend After Its Price Surged Above $9,700

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Thu, 02/06/2020 - 06:06
Alex Dovbnya
Crypto traders predict more upside while Bitcoin (BTC) keeps hovering above the $9,600 level
Cover image via 123rf.com
Contents

Those bears who wanted the Bitcoin (BTC) price to dip below the $9,000 level didn't get their wish. According to trader Josh Rager, there has been an "official" bearish-to-bullish trend change. 

The top coin has already printed a series of higher highs and lower lows on the daily chart. 

image by @Josh_Rager

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The $9,100 flip was a game-changer 

On Feb. 4, the Bitcoin (BTC) price dipped to as low as $9,062 on the Bitstamp exchange. With bears taking back control, it looked like another "China pump."

The following day made a significant difference for the bulls. A couple of solid green candles put them back in the driver's seat and allowed BTC to reach a new yearly high of $9,777. 

Trader Jacob Canfield says that the $9,100 flip was "a big deal" for BTC since this level acted as support for the big descending triangle that eventually broke in September and the China-driven rally in late October. 

image by @JacobCanfield

Related
Peter Brandt Names Four Reasons Why Bitcoin (BTC) Price Unlikely to Drop Further

$18,500 before halving?

While it might be crystal clear that BTC is an uptrend, the million-dollar question is high it might go. Based on the DeMark Sequential indicator, market analyst Thomas Thornton predicts more upside that will be followed by a "buyable pullback."

image by @TommyThornton

Meanwhile, crypto trader Michael van de Poppe still sees BTC reaching $18,500 before the halving event.

image by @CryptoMichNL

As reported by U.Today, Fundstrat's Tom Lee predicted that the BTC price could surge by nearly 200 percent during the next six months. 

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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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