Bitcoin [BTC] Makes Recovery Above $8000 – Here’s Why Some Analysts are Bullish

After a week of bearish moves, Bitcoin [BTC] price made a slight recovery on Friday. The rise attempted to break above the 200-Day Moving average, which acted as a resistance. It recorded a high at $8294.

The price of BTC at 3: 30 hours UTC on 28th September 2019 is $8176. It is trading 2.27% higher on a daily scale. The entire crypto market turned slightly green after a week of aggressive selling.

While some traders see this as a momentary correction, others are also seeing a reversal.

The bears are eyeing sub $5k levels for a good entry point. However, it echoes with the situation earlier in Q1 this year. While the price has been bearish, the overall sentiments are bullish.

Moreover, even on the downside, crypto traders will be looking for a buying opportunity. UglyOldGoat, crypto trader and analyst tweeted on a sub $5k prediction,

Just as I was bullish at 3,500 bearish at over 11,500 I can only be bullish at 7800 – 8200. Bakkt is bullish and structure changed when we rekt weak specs with future backwardation. The good thing is Bitcoin will be right regardless. Read More...