The past few days have seen the bitcoin flag gradually. Since its Wednesday peak to $10,300, the coin has been going downhill. It was a surprising market turnover following the crash to $9.250 from a rather bullish zone. A move that took place in an extremely short duration. However, market pundits are anticipating a near recovery towards $9,900. Especially after the bearish action corrected to a somewhat $9,900. Note that the optimistic sentiments for a looming bull run are only on the medium term.
A prominent analyst pointed out that the next few months could see bitcoin surge to $17,000. A whopping 70% of the present price. The analyst attributed the significant prediction as a result of converging technical signals on Bitcoin’s monthly chart. All of which suggests a bull trend is on the cards.
Bullish Bitcoin is likely to go a Near Vertical Upside
Goomba, a trader, and analyst on twitter posted a chart depicting bitcoin’s one-month performance. This gives a wider outlook at market fundamentals rather than data from one exchange. The chart showcased that Bitcoin’s February Candle had begun to prove a couple of bullish signs.
For instance, the On Balance Volume (OBV) was trending higher while the Stochastic Relative Strength Index (RSI) had flipped bullish. In fact, Stochastic RSI was trending positive for the first time in five months. Moreover, Bitcoin had also recently exited a multi-monthly bull flag.
Goomba suggested that the positive confluence gave BTC a price target of $17,200. Which was 73.7% higher than the preceding market price of about $9,900. The price chart indicated that the crypto coin was going to trade at such a price in the next few months. Several analysts are anticipating a massive bull run ahead of the bitcoin rewards halving. Currently, Bitcoin is trading at $9,765 after a slight drop from $9,900.