Bitcoin Price Hits $8,150 in 3.5% Bounce; Can Bulls Push BTC Higher?

Bulls are finally back. After a few days of bearish price action, Bitcoin (BTC) has bounced higher, rallying from Saturday’s $7,900 daily lows to $8,175 as of the time of writing this piece. That move represents a 3.5% gain.
Altcoins have followed suit, with a majority of large caps like Ethereum and XRP also experiencing 2% to 4% bounces from yesterday’s low. Monero, BSV, and BCH, and 0x are experiencing larger gains of upwards of 7%.
What comes next for the cryptocurrency market will be important according to multiple analyses.
Related Reading: Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?
Bitcoin Needs to Close Above $8,150
As pointed out by prominent cryptocurrency trader Alistair Milne, this move higher has allowed Bitcoin to break above a symmetrical triangle pattern that originated in mid-September. The triangle in question, per Milne’s analysis, was nearing its apex.

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Seems important?#btcusd #bitcoin pic.twitter.com/3tleHkbMi4
— Alistair Milne (@alistairmilne) October 20, 2019

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The chart implies that for Bitcoin to remain in bullish territory, it will need to close above the upper arm of the triangle, which currently sits at around $8,050.
Rekt Capital, has echoed a similar line. He remarked in a recent tweet that for Bitcoin to undergo a bullish continuation pattern, BTC will need to see a high-time frame close above $8,150. This was also corroborated by Data Dater, who said that as $8,150 is where Bitcoin’s 233-day moving average lies, a daily close above that level would implying 10% continuation to $9,000.

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$btcusd facing resistance of 233 DMA at $8150. A daily candle close above that would be bullish. We'll then target the 200 DMA which is expected to be met around $9k.$btc $xbt
— (Stationary) Data Dater (@datadater) October 20, 2019

Fractal Predicts Dramatic Drop
While many analysts and traders have viewed this upward breakout in a bullish light, one noted that it fulfills a fractal that he has been tracking for a few days now.
il Capo of Crypto posted the chart below in the wake of the upturn, noting that Bitcoin’s current chart looks very similar to the move from $10,500 to $7,700, having seen a falling wedge breakout and having hit a number of key Fibonacci Retracement levels.

pic.twitter.com/wsXe5jnBrE
— il Capo Of Crypto (@CryptoCapo_) October 20, 2019

Capo notes that should the fractal play out almost in full, Bitcoin will peak at $8,350 in the coming hours, then fall at least as low as $7,500 in a massive red candle to the downside.
Related Reading: Too Obvious? Current Bitcoin Price Action Resembles $3,200 Bottom
Featured Image from Shutterstock
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