We’ve been watching the world’s most popular cryptocurrency slide over the past few weeks but is Bitcoin ready for another comeback? We think the answer is yes. Taking a close look at a few key indicators, Bitcoin performance suggests an incoming bull run even better than previously expected. Bitcoin was able to find support at the $7,000 target which resulted in a comeback for Bitcoin, leading trades to close above $7,300 in a very short time, as seen on 4-hour charts. Further advancement is expected, despite possible short-term dips in value over the next few days.
At the beginning of last week, Bitcoin flirted with a resistance of over $7,500. That ceiling was reduced to $7,300, but thanks to the lower $7,000 resistance, the dip did not push Bitcoin into bear territory. Prices, as seen on daily charts, did dip below the resistance levels for a short time but bounced back strong shortly after.
Bitcoin is now trading at $7,413, up from the $7,280 from earlier in the day, proving that the popular coin is headed in a positive direction. Another important indicator of coming success for Bitcoin is the fact that it has surpassed the $7,300 moving average hurdle. By surpassing the $7,300 ceiling, Bitcoin has confirmed the expected breakout and is now predicted to continue moving upwards as the breakout signals a bull run.
The current resistance is placed at nearly $7,500 but with a bull run intact, expectations point to even higher gains over the next few days. Should Bitcoin exceed a $7,650 price point, $8,000 would be very likely over the coming weeks.
However, if for some reason Bitcoin is unable to gather enough support over the next few days, prices may remain at current levels. If that happens, we could see prices fall as low as $7,100. In which case, the bears would take over.
Given that Bitcoin is currently in a bull run, it seems likely that we will see the coin reach into the upper $7,000s over the next few days. With the holiday season winding down, we should see buying and selling patterns return to normal, and with Bitcoin poised as it is for a strong run, further growth is expected. So, to answer the question, “is Bitcoin ready for another comeback,” the data suggests that it is. However, it is always a good idea to check back daily for price updates and further analysis in order to ensure things are going as expected.