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After surging towards $8,300 yesterday, Bitcoin has incurred increased selling pressure that has forced it to retreat back into the $7,000 region, putting its recently formed upwards momentum in jeopardy.
Despite this, while looking at the cryptocurrency over a one-week time period, one analyst describes Bitcoin’s price action as looking “amazing,” which may mean that further gains are imminent.
Bitcoin Pulls Back To $7,700 After Facing Resistance in Lower-$8,000 Region
At the time of writing Bitcoin is trading down 2.25% at its current price of $7,730.
Over a 24-hour period, BTC has incurred some relatively large levels of volatility, quickly surging from lows of $7,700 yesterday to highs of $8,300, at which point the cryptocurrency incurred a large amount of resistance that send it reeling back towards its current price.
It is important to note that Bitcoin is still firmly in an uptrend, regardless of the latest pullback, and it is highly likely that it will see an extension of its upwards momentum after it establishes a fresh level of support around its current price levels.
DonAlt, a popular cryptocurrency analyst on Twitter, recently shared his thoughts on Bitcoin’s price action while looking at a one-week chart, noting that the crypto still looks “amazing” and that he would prefer to buy BTC at support than sell it at resistance, which signals that he believes it will continue surging higher in the near-future.
“$BTC weekly update: After breaking the much anticipated 6000 level BTC still looks amazing. Trend, momentum and sentiment are all clearly bullish. That said it’s at resistance and a pullback would make sense. I’d much rather be a buyer at support than a seller at resistance,” he said in a recent tweet.
Could Bitcoin’s Upwards Momentum Lead It to Fresh All-Time-Highs?
Although it remains unclear as to whether or not the recent upwards momentum constitutes the early stages of a long-term bull trend, it is clear that the persisting bear market is over, and that $3,200 is, in fact, a long-term bottom for Bitcoin.
Nevertheless, there is a possibility that the cryptocurrency will incur significant buying pressure in the near-future that could ultimately lead to the next parabolic bull run.
Josh Rager, another popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, noting that BTC may surge as high as $78,500 in the coming years, if the next market cycle mirrors that seen in previous years.
“Bitcoin Rate of Return Each Market Cycle (Each cycle had a 20% return of the previous cycle). 2011: Return of 318,864% = $31.90 High. 2014: Return of 58,474% = $1,177.19 High. 2017: Return of 11,960% = $19,764.51 High. 2022: Potential Return of 2,392% = $78,500.00 Potential High,” he noted earlier today.
Although $78,500 may be a far stretch from where Bitcoin is currently trading at, it’s no secret that it wouldn’t be the cryptocurrency’s first time surging to heights that shock the world.
Featured image from Shutterstock.
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