Bitcoin Price to Rally Even Higher, Says CNBC Crypto Analyst
By Luke Flowers – Crypto Broker
From the looks of it, the $8,000 support level appears to be an important one for the original cryptocurrency Bitcoin (BTC). Since plummeting from the $9,400 mark, the crypto market leader has lost and regained the $8,000 level several times, where it was holding up at $8,200 at the time of writing.
Usually, Altcoins follow Bitcoin in terms of price, which makes the crypto giant’s activity a huge example of how the current market state could be like. If sentiment is to sell Bitcoin and a dump initiates, the other coins can experience similar effects.
Following the enormous $1,700 price drop on September 24 that saw many sell BTC, the market of cryptocurrencies has taken a few steps back to evaluate the situation. Popular Twitter crypto analyst ‘Big Cheds’ says the days ahead will probably be bearish for the crypto space in the short-term but remains bullish for the long run with increasing demand to buy and sell Bitcoin.
On October 6, Cheds said that Bitcoin closed out another weekly candle with a tweezer bottom. The candlestick pattern only shows when two price candles upper and lower wicks align to form the shape of tweezers.
This pattern can also be an indication of a reversal in an asset’s price movement. Candlestick formations and patterns typically have strength based on their candle time frame strength, with larger time frame candles that have more importance. If the larger time frame candlesticks suggested a negative reversal, many could sell cryptocurrency as they believe it could fall further.
Always remember you can sell Bitcoin UK to Exchange Bitcoin to GBP through your local cryptocurrency broker.