Bitcoin: Is $8000 in sight? or is BTC in store for a "healthy correction"?

13 May, 2019
by Will Heasman
Price Analysis
Bitcoin: Is $8000 in sight? or is BTC in store for a healthy correction?

Today the markets have proven beyond a reasonable doubt that Bitcoin responds well to good news. Today saw BTC rise over 16% to a high of $7900 bursting through resistance at around $7500 and onto new found territory. Right now the #1 is teasing $8000, but some analysts are in doubt as to whether or not this defiance of gravity is warranted, instead believing that a “healthy correction” could be in store for Bitcoin…

One such analyst known as SalsaTekila suggested that despite the jaw dropping rally btc would struggle to break 8k on a first attempt.

The analyst even puts their money where their mouth is relaying that they plan to short BTC at $7922:

While the play could be considered a sound one, not everyone agreed with this strategy:

Taking a more bullish angle, another analyst known as Eric Choe, suggested that as long as BTC holds at $7K, a break above $8k could be on the cards…

Another bullish piece of sentiment comes from trader Josh Rager who relays that that $8200 could be the next key level for BTC. Rager also looks to the bearish side with optimism suggesting that judging on the historic trading volumes, $6400 stands as a bastion for Bitcoin should a pullback occur.

While hopes are pinned on the traditional altseason following a rally from Bitcoin, Jacob Canfield augured that a continued BTC run would result in many capitulating from alts into Bitcoin, sending BTC even higher.

It seems today’s parabolic movement from BTC has most analysts flip flopping from their positions. One such trader, known elegantly as MagicPoopCannon is no exception, first suggesting that Bitcoin was looking at a healthy correction:

This was followed by the analyst simply posting the following chart, indicating a bull pennant – a bullish formation indicative of a move higher:

The trader then qualified this by relaying that this move from bitcoin could well be legacy investors jumping in from the equity markets.

Before fliping back and suggesting that this influx of institutional money could be looking to short the BTC market…

As usual it’s a mixed bag, and judging from today’s action there really is no telling; Although, judging from consensus its likely we’ll see at least a small correction, when that will happen, however, is anyone’s guess…

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What will Bitcoin see first?

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