In a shaking move yesterday, Bitcoin overcame the resistance it had previously faced in the high $ 6,000 range, and this rally enabled the bulls to significantly improve their short-term technical situation. Analysts are now generally finding that the strength of this move is likely to result in a significant increase as short positions are penalized. A well-known trader is now finding that he believes Bitcoin is ready to bounce back towards $ 8,400 in the near future as BTC has just confirmed an extremely bullish technical pattern.
Bitcoin sees an explosive move as the bulls catalyze a massive upswing
At the time of writing, Bitcoin is trading at $ 6,700, marking a remarkable rise from daily lows at $ 6,200. Analysts are now generally finding Bitcoin is well positioned to see a continuation of the upward movement catalyzed by this move, as Big Cheds – a popular crypto-analyst – categorizes this move as a “big bull market break” that punishes shorts.
Peter Brandt, an experienced trader and highly respected analyst, recently said in a tweet that the recent upswing in Bitcoin over an apparently rising triangle has led to the cryptocurrency rising to $ 8,400 in the near future.