By Solomon Odunayo
Bitcoin price has somewhat been stable above $8,000 support level for quite some days. For some Bitcoiners, it’s more preferable for BTC to keep a distance from the support for enough avenue to gather momentum for the next price uptrend.
However, Bitcoin made a bit nosedive towards the important support recently, which has initiated the opinion of a respected trader and analyst in the crypto sphere, Josh Rager.
In his recent take on the price trend of Bitcoin, he affirmed that the digital currency failed to reclaim level it was closer to attain some hours ago, according to the previous related tweet by Rager.
He pointed out that BTC is already trending back towards support, but “all is not lost”. With a consolatory gesture, he said, the traders and investors will all rejoice eventually for choosing to stay around trusting the digital currency.
He said, “BTC price was unable to reclaim level and has made its way back toward support All is not lost, want to see how it reacts at $8k Be patient, you’ll be happy you stuck around this emotional roller coaster of a market in a couple years.”
Meanwhile, Josh Rager had earlier shared about the outstanding move of Bitcoin after bouncing off support, giving him the assurance that many crypto enthusiasts have flipped to be bullish about the BTC price trend once again.
This Tweet birthed the Rager’s comment features above. Back then, he implored the traders and investors to calm down, rather than rushing to buy, as he claimed the zone isn’t safe for hodlers.
He said, “BTC bounced off the support I’m sure people have flipped bullish again, but neutral now as price needs to continue to push to high $8ks Mid-range isn’t safe to buy if you’re thinking of rushing in, be patient as this could break back down to retest $8000 – $8200 (lower-highs)”
$BTC bounced off the support
I'm sure people have flipped bullish again, but neutral now as price needs to continue to push to high $8ks
Mid-range isn't safe to buy if you're thinking of rushing in, be patient as this could break back down to retest $8000 – $8200 (lower-highs) pic.twitter.com/0WPikwYfUb
— Josh Rager 📈 (@Rager) January 24, 2020
Peter Brandt Shares Reasons to Believe Current Correction in Bitcoin Could Hold
The veteran trader with 40 years of experience, Peter Brandt has some hours ago shared his opinion on why he believes Bitcoin could maintain the present most important support to gather momentum for the next significant price uptrend.
In the tweet, Peter itemized the four reasons with a chart captioned to corroborate his points.
He said, “Reasons to believe current correction in Bitcoin could hold 1. Retesting upper boundary of channel is normal 2. Retesting 18 DMA 3. No 3DTSR has been triggered 4. Jan 14 low remains intact Should above items change, then more serious correction could occur.”
Reasons to believe current correction in Bitcoin could hold
1. Retesting upper boundary of channel is normal
2. Retesting 18 DMA
3. No 3DTSR has been triggered
4. Jan 14 low remains intact
Should above items change, then more serious correction could occur$BTC pic.twitter.com/00O9wfv8h3— Peter Brandt (@PeterLBrandt) January 24, 2020
At the time of filing this report, BTC is trading at $8,345.69, with a 0.05% price uptrend based on 24 hours estimation.