Bitcoin Price Is Primed to Retake $8,000: Bloomberg

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Fri, 11/29/2019 - 18:58
Alex Dovbnya

Shorting Bitcoin could be dangerous at this point as growing buying pressure is expected to push its price to $8,000

Cover image via U.Today
Contents

The Bitcoin price might finally be able to surge back to the $8,000 level. According to Bloomberg, the leading cryptocurrency has entered a buying trend, which means that traders should be very careful about shorting BTC's recent price recovery.  

image by bloomberg.com

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All eyes on November's close

If buyers hurry up, Bitcoin could still avoid the biggest red candle on its monthly chart in 2019. At press time, it is changing hands at $7,754 after recording a modest two percent uptick over the last 24 hours, CoinStats data shows. 

Still, BTC is down by 19.1 percent since starting November on a high note at $9,586. Cryptocurrency trader "Mr. Anderson" states that it's pivotal for bulls to hold above the 21-month exponential moving average (EMA). 

According to technical analyst Omkar Godbole, Bitcoin needs to close above $7,380 in order to print a bull reversal on its three-day chart. If bulls want to up the ante, the crypto king needs to breach the $8,200 in order to form the inverse head-and-shoulders formation, a bullish pattern that usually signals a market bottom.            

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Will this rally fade?

That said, Oanda's market analyst Craig Erlam claims that this short-term momentum will not erase a lot of bearish sentiment surrounding Bitcoin. 

"There’s obviously been a lot of bearish sentiment recently and there’s nothing in the bounce that suggests a shift to me," Erlam told Bloomberg.    

If that's the case, Bitcoin's recent revival will most likely end up being short-lived just like the fake China rally that historically pushed the BTC price by more than 40 percent in one single day.  

Bloomberg, despite taking a lot of heat from crypto communities because of its doom-laden articles, tends to be pretty accurate with short-term price calls. On Nov. 5, the leading financial news agency posted a bearish price prediction, which turned out to be eerily spot-on.      

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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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