Bitcoin has dwindled since the highs of $15,975 set amid last week. The principal crypto price presently trades for $15,200 but traded as low as $14,300 on Saturday.
Notwithstanding the drop, analysts consider that the cryptocurrency continues on a higher path. They point to longer-term charts that show Bitcoin is still keeping key support levels on a medium-term to long-term basis.
Bitcoin Remains “Convincing” For Bulls
Bitcoin continues to be bullish on a longer-term time frame, notwithstanding the weekly highs drop, one trader lately stated. The trader in question led to the chart below, which explains that Bitcoin is exiting the uppermost range of its one-week Bollinger Bands. This designates a crucial break in the macro consolidation that Bitcoin has endured over the past two years:
“$BTC #Bitcoin weekly working on it’s 5th green candle in a row, but more importantly a convincing close above that July 2019 cluster.”
Chart of BTC’s price action over the past eighteen months with analysis by crypto trader Cheds (BigCheds on Twitter).
This view is in line with that of other analysts, who say that as long as the cryptocurrency continues the $14,000 region on a macro basis, it will lead to new all-time highs, or at least $20,000. Raoul Pal, CEO of Real Vision and a Wall Street veteran, lately said:
“There are literally only two resistances left on the #bitcoin chart – 14,000 and then the old all-time high at 20,000. I fully expect new all-time highs by early next year at the latest.”
Fundamentals Favor Bulls
Pal also states that the fundamentals support bulls. He also later mentioned that the “macro, flows, technology, demography and societal strains” all point in the direction of the growth of the leading cryptocurrency:
“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense. The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – #bitcoin.”
Pal concludes that Bitcoin could hit $1,000,000 in the years ahead due to the mass amount of inflows catalyzed by fundamental trends.