Bitcoin Price Adds $300 in Minutes, Defying Bearish Predictions

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Thu, 10/31/2019 - 14:10
Alex Dovbnya

Bitcoin has made a sharp price move that might encourage more buyers to join the fray

Cover image via www.123rf.com

On its 11th anniversary, Bitcoin briefly dropped below $9,000, emboldening the bears to dream about the retest of the $8,800 level.
 
However, the top coin printed a string of big green candles at 12:00 UTC that pushed its price back to the $9,400 level.

image by binance.com

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Bitcoin Price Predicted to Move Up in $10,000 Region by Prominent Crypto Trader

Since Bitcoin's 40 percent price jump that took place on Oct. 25, it has dipped below $9,000 on multiple times, but never managed to stay here for a long time. According to cryptocurrency trader Josh Rager, there were bigger players that didn't give a chance for aggressive sellers to push the price further down.

'Crypto Rand' noticed that the recent pump allowed Bitcoin to break out of the falling wedge pattern. This is a bullish formation that could serve as a harbinger of more short-term price gains for the top cryptocurrency. 

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Bollinger Bands Creator Accurately Predicted Bitcoin's 16 Percent Price Jump

Trader Luke Martin (also known as 'Venture Coinists') says that it "would be a shame" if Bitcoin failed to surge above the $9,500 horizontal resistance.

At the time of writing, the O.G. coin is changing hands at $9,295, which means that the aforementioned target could be easily reached if more buyers decide to step in.  

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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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