If $7,700 Holds, Bitcoin Price Could Soon Surge by 20%

On Saturday evening, the Bitcoin price started to show hints of weakness after a short bout of consolidation. As of the time of writing this, the leading cryptocurrency has dipped to $8,300 — a level which analyst Josh Rager has indicated as key for BTC to hold in order to maintain a formation of consecutively higher lows.
Although there are some expecting for Bitcoin to soon break under $8,300, potentially to establish new multi-month lows under $7,000, an argument has been posed that as long as $7,700 holds, $10,000 is within BTC’s grasp.
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Bitcoin Price Ready to Retake $10,000?
Josh Olszewicz, Brave New Coin analyst, recently took to Twitter to lay out Bitcoin’s current chart structure, posing the question if BTC will hit $5,000 or $10,000 to his followers. He observed a confluence of both bullish and bearish factors, seemingly hinting that the market is undecided about where it should head next.
Due to this, Olszewicz was asked by a follower if he is leaning long or short. Despite a few harrowing signs — namely Bitcoin being rejected by the 200-day exponential moving average and the Aligator indicator trending neutral/bearish — the analyst quipped that he expects for Bitcoin to rally by some 20% to $10,000 “as long as $7,700 holds.”

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10k as long as 7.7 holds
if 7.7 doesnt hold it's gunna get ugly
sideways for another week would be good here imo
— Josh Olszewicz (@CarpeNoctom) October 11, 2019

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While Olszewicz’s opinion may sound too optimistic to some cynical analysts, there are other tidbits of technical evidence to suggest that Bitcoin soon starts to move back to five-digit territory.
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Bitcoin’s one-day Moving Average Convergence Divergence (MACD), a lagging indicator that tracks market trends and momentum,  has crossed into the green after a precipitous drop to the most oversold levels since the December crash.
An analyst noted in reference to this technical indicator that bullish MACD crosses “always were followed by price rises [previously],” before adding that Bitcoin has the potential to reach $12,000 by November.
Also, Santiment found that Bitcoin’s social volume [has] continu[ed] its quiet decline after hitting a recent two-year low.” Indeed, BitInfo recently noted that the use of the “Bitcoin” hashtag fell to a three-year low after peaking earlier this year during the pseudo-bull run in May/June.

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#Bitcoin $BTC's social volume continues its quiet decline after hitting its recent 2-year low. Historically, low social volume has preceded large price upswings and bull runs, and high social volume has been fairly reliable as a top indicator. https://t.co/4kl8hsb9Pk pic.twitter.com/z84qpJpk79
— Santiment (@santimentfeed) October 8, 2019

While many see this as a sign that Bitcoin will only fall further, even further than 40% from the year-to-date top of $14,000, Santiment argues that this can be interpreted as bullish. They wrote that historically, “low social volume has preceded large price upswings and bull runs, and high social volume has been [a] fairly reliable top indicator.”
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