According to an expert, bitcoin may experience more gains in the near future after the digital currency saw gains on Friday. He added that the coin is close is bottoming and we should expect more following the recent developments surrounding the coin that may see a change in the current wave.
Price Analysis
Currently, the 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. As such, resistance is more likely to break that to hold. Nonetheless, the moving averages could simply be oscillating to reflect range-bound conditions.
Additionally, Stochastic is pointing up, also suggesting that buyers have the upper hand and might have enough energy to push for more gains. A candle closing past the $6,600 mark could be enough to signal a bullish breakout. Also, a sharper climb past the channel top near $7,000 could bring more buyers in.
News and Developments
Spencer Bogart, a partner at blockchain capital, a venture capital firm that invests in blockchain related companies, stated that bitcoin is “close to bottoming”. Spencer added that the coin’s price has dropped 70% from its previous highs. As such, the coin “is close to bottoming and so is the rest of the market”.
Moreover, the coin’s surge also depends on other factors such as the ETF approval. This year, about 10 ETFs were rejected by the SEC-the Winklevoss ETF in July and the rest of the nine ETFs in August. The only proposal that has not been answered is the VanEck/SolidX bitcoin ETF.
When the SEC failed to give their final decision in September, this caused a stir in the market. Nonetheless, the coin’s price stabilized since investors think that a positive decision will see more gains in the near future.
What other factors do you think point out to a bitcoin price surge in the near future?
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