Bitcoin Pullback to $8,000: What is the Stance of Analysts?

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”.

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.

Davis Byrne

Davis Byrne got into cryptocurrency world since 2013. He contributes technical chart-based price updates and price analysis on world's leading digital currencies.

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