Bitcoin (BTC) Price Rejected at $8,000. Are Bulls Still in Control?

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    Is this Bitcoin rally finally going to succeed? Here's what some top traders have to say

Bitcoin (BTC) Price Rejected at $8,000. Are Bulls Still in Control?
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Contents

The price of Bitcoin surged to $7,975 at around 0:40 UTC, according to CoinStats data. However, the bulls failed to stand their ground here, which resulted in a swift rejection to the low-$7,800 level. Nevertheless, some top traders are still certain that Bitcoin could go higher from here despite BTC's recent failure to break above $8,000.  

Bitcoin Price
image by coinstats.app 

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Things are getting interesting 

Prescient trader @CryptoDonAlt, who accurately called this four percent spike yesterday, has taken to Twitter to comfort the bulls. He states that he doesn't see a rejection on low-time frames, which is why he stays long. Moreover, Bitcoin is about to complete an inverse head-and-shoulders (iH&S) pattern that has been dominating crypto Twitter for the past few weeks. If things play out as expected, BTC could easily surge to $9,000. 

Bitcoin Price
image by @CryptoDonAlt

Eric Choe's technical analysis is based on the Elliott wave theory. According to Choe, the top cryptocurrency needs to gain ground above $8,172 for continuation (another impulse wave C). If this is a wave 5 move, BTC could soon surge above $9,500.

Bitcoin Price
image by @CryptoChoe

 As reported by U.Today, Silk Road founder Ross Ulbricht predicted that BTC could touch $100,000 as early as in 2020. 

"If the ~$20,000 peak is the end of wave (3), then the correction pattern we are in (or just came out of) is wave (4), and we can expect wave (5) to take us to new all-time highs."  

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Another failed breakout? 

Trader Alessio Rastani recently opined that Bitcoin needed to close above the $7,750 resistance for prices to surge higher. 

"I think that Bitcoin could start a major bullish rally here that could take us to quite significantly higher."

However, he did caution his viewers that this could be another failed rally that is similar to the one that took place back in October. 

"The bottom line is that we don't know if the next rally is going to succeed or fail."  

What are your predictions? Share them in the comments! 

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 β€” 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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