• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
Advertisement

Why Bitcoin Analyst Who Predicted Rally to $8K Thinks Reversal is Underway

Yashu Gola by Yashu Gola
3 years ago
in Bitcoin
0
Advertisement
  • A famous bitcoin analyst in early April predicted that the price would move towards $8,000.
  • The cryptocurrency surged to $7,810 in an early morning trade Monday, hinting a bull run towards the said target.
  • The same analyst now thinks bitcoin would undergo a trend reversal upon hitting $8,000.

A crypto analyst who earlier predicted the bitcoin price to hit $8,000 now warns of a bearish reversal.

“I am now a seller,” claimed the analyst right as the cryptocurrency closed above $7,800 for the first time since March 12, taking cues from the “marked loss in momentum on order flows” from early morning trade Monday. The analyst was referring to bitcoin’s consecutive pullbacks from the $7,700-$7,800 area in just four days.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Will call this close enough, am now a seller given how obvious this level is and the marked loss in momentum on orderflow from earlier today to the Asia AM session following the swing failure. https://t.co/BfmoJgwmSt

— light (@LightCrypto) April 27, 2020

The analyst based his prediction on a popular technical indicator called ‘Volume Profile.’ The tool measures the total volumes traded at specific price levels during a particular timeframe. The analyst coupled it with the Fibonacci retracement levels to note levels of maximum convergence.

bitcoin, btcusd, cryptocurrency, crypto
BTCUSD Volume Profile higher near $8,000 | Source: Light Crypto

So it appears, bitcoin’s $8.000 level on a daily chart had a higher Volume Profile, as shown via purpled bars in the tweet above. Meanwhile, the level coincided with a critical Fibonacci level, raising possibilities that traders would become more active around it, eventually exiting their bullish positions for short-term profit-taking.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Converging Bears

The analyst’s prediction shortly followed a similar price forecast by Tyler D Coates, a well-renowned crypto derivatives trader. The analyst late last week put bitcoin’s uptrend on a logarithmic curve chart, giving a very accurate depiction of the cryptocurrency’s support and resistance levels since 2012.

bitcoin, btcusd, cryptocurrency, crypto
BTCUSD is also testing $8,000-8,200 levels as resistance on logarithmic growth curve | Source: Tyler D Coates

The March 12 sell-off – a black swan event – sent the bitcoin price reeling below its logarithmic curve support, as shown in the chart above. The wild move downhill flipped the support into the resistance, leaving bitcoin with the task to piece above it to reclaim its long-term bullish bias.

Coincidentally, the floor-turned-ceiling level falls within the range of $8,100 and $8,200, which is very close to what Light Crypto’s potential pullback level of $8,000.

Bullish Bitcoin Catalysts, Meanwhile

Analysts’ predict of bitcoin reversing its uptrend after hitting the $8,000-8,200 range also comes ahead of its halving. The event would effectively reduce the cryptocurrency’s daily supply rate from 1,800 BTC to 900 BTC, making it scarcer against a potentially growing demand.

The halving phenomenon could send the bitcoin price as high as $100,000, according to the crypto market’s most hardcore bulls. At the same time, the US Federal Reserve’s decision to inject $2.3 trillion worth of stimulus package to its balance sheet, as well its proposal push benchmark rates below zero, has projected bitcoin as an alternative against inflation.

It is now the battle between bitcoin’s skeptic technicals and supportive fundamentals.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

1 hour ago
Bitcoin Derivatives Markets Volumes Show Bullish Trend After 2022 Downturn

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

1 day ago
Bitcoin

Sri Lanka Central Bank Says Bitcoin Cannot Solve Economic Crisis

1 day ago
tulip mania bitcoin

Celebrating The Tulip Mania Anniversary With Bitcoin & Crypto

2 days ago
Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

2 days ago
Bitcoin

Why Bitcoin Is Among ‘Hottest Subjects’ On Earth, According To ‘Rich Dad’ R. Kiyosaki

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Crypto Is Here to Stay. Here’s Why You Should Invest...

    5 hours ago
  • Dogecoin (DOGE) and Shiba Inu (SHIB) Bounce While Snowfall...

    5 hours ago
  • Avalanche (AVAX), Gala (GALA), and Orbeon Protocol (ORBN)...

    8 hours ago
  • As Bitcoin And Filecoin Continue To Rise, The Most...

    1 day ago
  • Which Cryptocurrencies You Should Buy – Big Eyes...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.