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Bitcoin (BTC) Price Has 'Officially' Ended Its Downtrend. There's One Major Reason Why

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Mon, 02/10/2020 - 05:48
Alex Dovbnya
Bitcoin's (BTC) weekly close above the $10,000 level has proven all doubters wrong
Cover image via 123rf.com
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According to cryptocurrency trader Josh Rager, the bulls have already left the Bitcoin (BTC) price downtrend behind them. The top cryptocurrency has finally recorded a higher high on its weekly chart. 

image by @Josh_Rager 

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Bitcoin bulls have a higher high  

According to the Dow theory, any asset needs to print a new higher high in order to resume its uptrend. Bitcoin's failure to do that after its breakouts in August and October was the most compelling bear argument. However, it has recently been invalidated.     

As reported by U.Today, Bitcoin touched its highest point since October on Feb. 9. BTC hasn't dipped below since this level since then with a strong weekly close above $10,170.       

Related
Bitcoin (BTC) Price Is in 'Textbook Reacceleration,' Says Fundstrat's Technical Analyst

Expecting a 'healthy' pullback 

However, not all traders are convinced that Bitcoin will have legs above $10,000. Horn Hairs recently tweeted that BTC might be close to the 'climax' of its bullish move.

image by @CryptoHornHairs 

He expects 'a healthy pullback' when BTC finally breaks its steepening trendline. 

There is still a possibility that BTC could drop to as low as $2,000 based on the Elliott Wave theory.   

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.

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