As we already said, the crypto market looks good today, and the digital assets are trading in the green.
After BTC slipped below the psychological support level of $7,000 three times during the past week, BTC is suddenly on the rise.
BTC is racing towards $7,800
As the Daily Hodl notes, the price of BTC shot above $7,500 this Wednesday, and the coin managed to lift Ethereum, XRP, Litecoin, Bitcoin Cash, and most of the altcoin market.
At the time of writing this article, BTC is priced at $7,779.77, and the most important coin in the market is racing towards $7,800.
Analyst and founder of Venture Coinist, Luke Martin, recently stated that Bitcoin needs to close above $7,400 to hold onto its newfound momentum.
“Waited a few weeks for BTC to show a sign of strength before wanting to take the next trade,” he said.
Martin continued and explained that “Often time during a downtrend – waiting for the price to go up again will let you buy lower than trying to time a bottom. If daily candles can close above $7,400 this looks great.”
Waited a few weeks for $BTC to show a sign of strength before wanting to take the next trade.
Often time during a downtrend – waiting for price to go up again will let you buy lower than trying to time a bottom.
If daily candles can close above $7,400 this looks great. pic.twitter.com/5apfBshTc8
— Luke Martin (@VentureCoinist) November 27, 2019
New BTC bull cycle to take BTC to $120k
Earlier today, we reported that a popular crypto analyst stated that a breakdown of BTC’s past bull market cycles could very well show where the most important digital asset will be heading next.
CryptoWolf said that each one of the subsequent BTC bull runs had taken a bit longer to materialize then the previous one.
He believes Bitcoin “will reach its next top in December of 2022, about 1,400 days after its primary bottom of $3,220 in December of 2018,” as cited by the Daily Hodl.
He continued and said that BTC would surge by 40 times, and the coin’s price will eventually reach approximately $120,000.
Other than that, crypto analyst Willy Woo recently said that in order to avoid a bearish December, BTC has to reach $8,300 by the end of this month.