In the last few weeks, Bitcoin has made several attempts to break $ 10,000.
And this week was no exception – the cryptocurrency again tested $ 10,000, then made significant losses.
Only 24 hours after touching $ 10k, Bitcoin traded by approximately 10% down – of $ 9,050.
Nevertheless, one analyst argues that if the flagship cryptocurrency does not fall well below current levels, there is a chance of a bullish continuation in the medium term.
He wrote that Bitcoin is currently in the range between the weekly opening and the monthly opening. The analyst stressed that the ability of the flagship cryptocurrency to hold above $ 8,700 may suggest a bullish continuation.
If he falls below that level, he explained, the bull sequel will be disabled.
The analyst, who successfully predicted the bottom of the market in 2018 at $ 3,200, pointed to 4 signs suggesting that Bitcoin awaits a bullish sequel:
1 – BTC trades above the downward trend formed during the 2019 peak of $ 14,000.
2 – Volumes shrink in range, suggesting an inevitable break.
3 – The recent price action looks like the one from the middle of the 2019 rally.
4 – Bitcoin reports a series of higher bottoms and peaks.
If Bitcoin falls below $ 8,700, the lack of liquidity below is likely to make the decline itself long and sharp, with an end target of just over $ 6,000.