The Bitcoin is hovering at $9,320 with a minimum change in the past 24 hours. Today, it touched the mark of $9,550 and become successful in crossing the $9,500 after some disturbing days in the bearish zone. Despite its positive movement, it is expected that BTC will go down again and a great pullback is coming.
‘Pullback’ according to Analyst
A prominent analyst, Data Datar, has given a pullback signal about BTC that is going to happen in the near future. He drew charts of 4-hours, 6-hours, and 12-hours, respectively, which are signaling that $8,000 is the coming target. ”Overbought” is the signal indicated by his charts while the one-day and 2-hours chart already showing “Overbought”.
1/ Approaching overbought on 4H, 6H, 12H.
2/ Overbought on 1D, 2H.
3/ Approaching overbought on 2D, 3D.
4/ Bitmex Funding very high for three consecutive periods.
5/ QA indicator turned blue (overbought). pic.twitter.com/ibbmf6xQA7
— (Stationary) Data Dater (@datadater) November 5, 2019
He claimed on Sunday in his other tweet” mid $8ks, then [the price will] start going up from the third week of November.” It seems that BTC is not in a mood to overcome $10,000 but it is short term scenario. The long-term attitude is in favor of digital gold as the halving event is approaching.
What after Pullback?
On the one hand, digital gold is moving downward towards $8k but on the other hand, the medium-term trend is gaining potential day by day and pops up at the end. Josh Olszewicz, a famous crypto analyst at Brave Coin has made speculation using the Alligator Indicator that unveiled about its building potential. His counted indicator stated that BTC will go from $11,300 to $12,300.
Another popular crypto trader and analyst, HornHairs, is very hopeful and shared its expected move that Bitcoin will reach $14,000 after being going down to $8,000.He made this great stance using Fibonacci Retracement and it is not a long term trend goal but a medium-term trend.
The long term predictions are very bullish and Crypto experts saying that digital gold will go to $1 million after the halving event. But it is more important to consider near predictions at this time.