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$8700 Support Necessary for Continuing Bull Run: Bitcoin Analyst



Bitcoin has once again failed to overcome the $10,000 hurdle for the much anticipated bull run of the 2020 that everyone keeps on predicting. However, a top Bitcoin analyst has pointed out that the $8700 support needs to be defended for this bull run to happen.

The analyst who is working for MarketsScience, an industry researcher is of the opinion that the figure is important to defend for the bulls because of an important trend in the graphs. Also, most of the buy orders are expected to be around the the same territory. Bitcoin has been testing (and failing) the $10,000 repeatedly for some time ever since the buildup started in the anticipation of the May 2020 halving. The halving came and went but the price has stuck between $9500 and $9900 mostly with occasional drops below this figure and subsequent recoveries becoming a norm.

TradingView.com chart annotated by BitDealer (@Bitdealer_ on Twitter)

Image source: Trading View

This graph shows that the bullish pattern developed in the anticipation of the halving and continuing on ever since will be invalidated for the foreseeable future. But, as long as this value has been defended properly (not considering two short-term dives just after the halving to $8100), the chart continues to remain bullish.

The Much Anticipated Bull Run of 2020

The bull run of the post halving has been talk of the town for quite some time. Many analysts believe that Bitcoin is due for a substantial bull run after the halving. The only difference of opinion is when the next bull run will actually happen. Different traders give their opinions ranging from an immediate bullish move to a more belated one in the fall of 2020 to as late as the fall of 2021 itself. Last time the halving occurred in 2016, Bitcoin went into a bull run within one year of the halving in November 2016 and reached an all-time high within 14 months in January 2018. Much anticipation remains with the May 12, 2020 halving and its associated bull run but no when it sure when that will actually happen.

Some traders even suggest that a slight pullback maybe witnessed in the coming months before the bull market actually takes off. The same figure between $8000 and $9000 is being quoted as the one to defend for the future to keep the dream of a big bull run alive. However, a small bearish run may not damage the probability of a long-term price strength in the future as it has been witnessed again and again within the Bitcoin ecosystem. The fall of 2020 remains a few months ahead of us and the journey towards it will be quite interesting to witness.

Featured image source: pixabay.com



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