As Bitcoin (BTC) enters another bull-and-bear fight, ranging between $7,800 and $8,000, crypto Twitter traders are warming up to a bullish attitude.
Leading Twitter Accounts See Potential for Bitcoin Earnings on Bullish Moves
Leading social media names have returned with a bullish attitude to bitcoin price moves, as the coin is now battling out new support levels.
DonAlt, @CryptoDonAlt, is ‘long and strong’ right now, and skeptical of bearish traders. BTC is still moving to test resistance levels, and a close below $7,500 may mean a more bearish attitude. But for now, bitcoin may mock bears, believes DonAlt.
I'm out surfing right now so I'm not looking at the charts but a quick scope of Twitter shows me all I need to know.
Bear cope & more bear cope.
I'll be bearish the moment we start closing below 7500, not when BTC is retesting it's neckline.
Still long & strong.
— DonAlt (@CryptoDonAlt) January 9, 2020
Others still believe bitcoin is yet to show its mettle, and say the bullish move is still uncertain. There are still levels where a bitcoin dip will be bearish, but right now, the leading asset still has multiple chances of breaking upward. Luke Martin, @VentureCoinist, is optimistic of a bull run now that bitcoin has closed above the $7,600 level, and is en route back to $8,100.
All eyes on the $BTC retest.
If this support can hold & price closes above 7600 today, then I want to be using this dip as a buying opportunity.
Invalidated on close below the zone. pic.twitter.com/ZK6s93okqU
— Luke Martin (@VentureCoinist) January 10, 2020
CryptoBirb, @crypto_birb, sees logic in taking a long position. Based on chart analysis, shorting bitcoin right now would be a disaster. BTC already caused short position liquidations this week as it rallied above $7,500 to peaks above $8,300. He calls the current setup a ‘textbook long’ opportunity.
— Crypto₿irb (@crypto_birb) January 10, 2020
This potential for long positions paying out is still remaining, as the bitcoin chart suggests for CryptoBirb’s analysis.
Still Seen as Range-Bound
Bullish attitudes are somewhat subdued this time. Prices may continue to move within a range, with rapid rallies seemingly a thing of the past. But in early 2020, bitcoin may avoid a dip scenario, and regain some of the positions lost in the last quarter of 2019.
Josh Rager, @Josh_Rager, is cautiously bullish after the latest close. He urges traders to remain patient as bitcoin oscillates between the current range high and low. Once we see a clear breakout above either level, we should have a much stronger confirmation of bitcoin’s short-term direction.
Price bounced and closed at support
Watching for a potential new range to develop above the previous range
Price doesn't look bad and held where it needed – trade the ranges and be patient, stop worrying about $5k or $10k right now pic.twitter.com/73lFubZVqa
— Josh Rager 📈 (@Josh_Rager) January 10, 2020
Altcoins may also be entering the game, as Litecoin (LTC) jumped in the past day. The bullish attitude for Willy Woo, @woonomic, envisions a bitcoin rally to follow after a Litecoin spike. This is looking particularly promising right now as Litecoin is currently up 9% (at time of writing), and climbing.
In a nutshell, I'm expecting a bullish run in BTC lead by LTC as a confirmation signal.
— Willy Woo (@woonomic) January 10, 2020
For now, the exact time frame of the bull run is unknown. But those bullish attitudes arrive at a time when bitcoin also broke the expectations of a dip to $5,000 in January. The bullish attitudes see BTC cruise at a higher level.
The prices above $7,000 are also extremely positive for miners, who are trying to eke out the last 12.5 BTC block rewards before the halving around May 15. Past predictions usually envision the halving as having as preceding dramatic BTC rallies. But for now, the halving and peak mining activity, as well as robust futures trading, manage to keep BTC within a higher range within a shooting distance of five-digit prices.
What do you think about the potential of BTC for a bullish move? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @Woonomic @Josh_Rager @CryptoDonAlt @Crypto_birb @VentureCoinist