At the weekend, the bulls were optimistic because Bitcoin managed to stay on key support. Bitcoin (BTC) fell from $ 10,000 to $ 9,300 during the week, causing investors to panic. However, a recovery from $ 9,300 to $ 9,500 gave confidence to most people and created optimism that prices were stable. The next logical move is to go above $ 9,600 and potentially re-test $ 9,800 resistance.
Bitcoin (BTC) Can Decrease to $ 7,000
But Bitcoin is stuck just under $ 9,500 and seems to be moving sideways. Recent trends show that Bitcoin is often testing new lows at the beginning of new weeks.
Starting this weekend, sideways movement, low volume, and shaky investor confidence can result in a larger decrease. Some analysts have suggested that the latest downfall is a warning, and the next one will lower Bitcoin to $ 7,000. Renowned analyst Josh Rager was one of the few analysts who said he would eventually take Bitcoin up to $ 7,000 after a failed break.
However, trends can be broken and returned. The fact is that Bitcoin still stands above a bear market trendline, and investors remain consolidated under key resistance. This will at least facilitate a recovery before new miscarriages occur.
Also, as mentioned earlier, the accumulation increase in whale activity is perceived as a clear sign of optimism and soon creates a chance to run for $ 10,000.
Support from J.P Morgan to Bitcoin
The reliability of Bitcoin as an investment product has been further increased with the recent approval of JPMorgan. After reviewing Bitcoin over the years, JPMorgan’s Chief Executive Officer recently made statements in favor of the asset.
The bank has announced that cryptocurrencies are “long-lasting as asset classes” after survival due to the recent collapse and ongoing epidemic.
JPMorgan’s Bitcoin view will encourage investors and likely attract new ones. For the community, it is seen as joining the ranks of another institution that has discovered that it is not possible to stop Bitcoin.