Is Bitcoin Really In a Bull Market Here’s Why Analysts Think BTC Isn’t

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Bitcoin has done extremely well over the past few weeks. Since the start of July, the leading cryptocurrency has gained approximately 30% against the dollar, outperforming a majority of other macro assets. In rallying 30%, BTC has decisively flipped $10,500 into a level of support. To some commentators, this was the one level that Bitcoin needed to turn into support to confirm the start of a bull market. Despite Bitcoin doing so, there are some still hesitant to admit that the asset is in a full-fledged bull market. Here’s why they think so. Multiple traders recently took to Twitter to argue that Bitcoin is not yet in a bull market. One market commentator said on August 15th:This was echoed by other traders in his replies. The cryptocurrency analyst that predicted at $3,700 that Bitcoin would see a V-shaped reversal said that there’s “ground to cover” before he thinks markets are decisively bullish:And yet another trader put this sentiment into the form of a chart. Arguing that he’s “seen enough Bitcoin price action to convince himself the top is in,” the chart below was shared on August 14th, and it predicts Bitcoin would revisit the $8,000s. There are prominent market commentators that do not subscribe to the sentiment that Bitcoin isn’t in a bull market. Raoul Pal, a former head of Goldman Sachs’ hedge fund sales and CEO of Real Vision, recently said:Pal’s contemporary, Dan Tapiero, echoed this, writing in an analysis that Bitcoin could literally go up 5-10x in the coming cycle.


All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/08/16/bitcoin-really-in-a-bull-market-heres-why-analysts-think-btc-isnt/


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