Bitcoin is currently hovering at $7,000 which means the bearish trend is still dominant. However, some experts were claiming that it has to go down further before showing any big rally. In bullish thought, Jonny Moe and Scott Melker are involved.
The digital gold is under the bearish clouds and still, we have not shown any bullish signal. It seems that bitcoin also freezes due to the coming of December and will remain at the current level before the beginning of 2020.
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According to a crypto analyst, Jonny Moe, the trend line of the digital gold will attain the lowest mark of $6,000 and then it will rally up. The current position of coin behavior is similar to 2018. Accordingly, the breakout pattern will recover the value from going further down.
The parabolic move on the part of BTC is expected which is similar to the parabolic move happened in quarter two of 2019.
*takes a deep hit of the hopium*
— Jonny Moe (@JonnyMoeTrades) December 11, 2019
Another BTC trader, Scott Melker, claims a short-term bullish trend. He shared his sentiment over the price when it was marching low. He said that he has also bought BTC as he is expecting a bullish move.
I bought Bitcoin again. We have a potential bull div now on the DAILY chart (call me in 22 hours) and lower time frames. Also, price just wicked below the previous swing low and bounced a bit – bullish SFP? pic.twitter.com/kQFBWArCUO
— The Wolf Of All Streets (@scottmelker) December 12, 2019
Why Price should have to go up
There are a lot of potential catalyst factors that will push the price upward. China has a very influential force over the cryptocurrency. The Chinese government is putting a lot of attention on the blockchain as the president himself stressed that it is necessary for the country. Secondly, they are planning to issue their own state cryptocurrency through the central bank which can fuel the adoption of cryptocurrency at the state level all over the world.
The government of Greece makes it necessary for everyone to spend online. The online transactional system will provide a better field for the Bitcoin to make its place in the region and the crypto adaption will be increased as a result.