What’s Next for Bitcoin?
Leading on-chain analyst Willy Woo thinks that Bitcoin will drop towards the CME gap in the low-$11,000s in the near future. The analyst noted that the cryptocurrency has a number of bearish factors that suggest it will drop toward that level:
Chart of BTC's CME futures price action over the past few weeks with analysis by Willy Woo. Source: BTCUSD from TradingView.com
First and foremost, Woo noted that underlying market trends suggest that there is a “hidden distribution” of Bitcoin. Simultaneously, BTC’s chart has begun to resemble a textbook distribution pattern.
This confluence indicates that Bitcoin will slip towards the CME gap at $11,200 in the near future. That would represent a 2-3% drop from current prices.
Long-Term Trend Still Positive
Despite these short-term factors that could compress upward movement in the Bitcoin price, the long-term trend remains positive.
Woo explained that the cryptocurrency’s on-chain fundamentals remain in bullish mode. He said that he is so confident that if BTC does pull back towards $10,000, it may be wise to deploy capital into the coin:
Of note, Bitcoin’s network hash rate recently set a new all-time high. This suggests that miners are more confident than ever that the cryptocurrency will continue higher, meaning that they will be profitable.
Photo by Parker Hilton on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin On-Chain Fundamentals Are Still Decisively in "Bullish Mode"
Originally from Bitcoinist.com https://ift.tt/2Th4PHv
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