Bitcoin faced a strong drop two evenings ago when it fell from $18,500 to $17,500 in the span of minutes. But true to the volatility of the market, the cryptocurrency has quickly bounced back. As of this article’s writing, the price of BTC sits slightly above the key $18,000 resistance, though was as high as $18,200 just hours ago.

Analysts think that Bitcoin will continue its ascent as it manages to hold the low-$17,000s as support. The low-$17,000s are of importance on a technical level to Bitcoin because these levels acted as support and resistance during the 2017 and 2018 peak.

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Bitcoin Set to Move Even Higher, Analysts Say

Analysts think that Bitcoin moves higher from here as it manages to hold the low-$17,000s as support. A cryptocurrency analyst, referencing the chart seen below recently said:

“sigh this is so retarded bullish strong daily close here and we’re prob taking ATH today or tomorrow on btc same pattern as 16k, first long ass bottom wick from initial profit-takers second long ass bottom wick from subsequent profit takers on the bounce next time it runs imo.”

Chart of BTC’s price action over the past few days with analysis by CryptoGainz
Source: BTCUSD from TradingView.com

As he explains, he thinks that the fact the cryptocurrency has managed to hold the low-$17,000s is a sign that it will soon move to $20,000. The two wicks seen in the chart above shows strength in Bitcoin price as it suggests there is a group of traders looking to buy the dip at that level.

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Not the Only One That Thinks So

There are other traders predicting a Bitcoin rally from here.

Another trader shared the chart seen below, which shows that Bitcoin’s recent price action is bullish as it is managing to flip the low-$18,000s into support. This should trigger a move higher as this region has acted as resistance on multiple occasions over the past few days.

Bitcoin is also set to push higher on fundamental trends, such as the increase in money printing and further institutional and retail interest in this space.

Chart of BTC’s price action over the past few days with analysis by HornHairs
Source: BTCUSD from TradingView.com

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analysts Expect Bitcoin to Continue Rally After Recovering to $18k

• Bitcoin and the aggregated crypto market have been consolidating throughout the past few days and weeks, with the recent selloff not striking a blow to the market’s structure
• Where the entire market trends next will depend largely on whether or not buyers or sellers can take firm control of BTC’s price action
• One trader is now noting that he does expect BTC to see a cooldown throughout the rest of the year
• He expects the benchmark cryptocurrency to set new all-time highs in 2021, which could mean that the coming six weeks will consist of choppy price action

Bitcoin and the entire crypto market have been caught in the throes of an intense bout of sideways trading throughout the past few days.

The recent rejection at $18,600 struck a blow to BTC’s momentum and showed that the crypto’s rally had become greatly overheated. This rejection sent BTC spiraling to lows of $17,400, from which point it has since seen a significant rebound.

Where the market trends next will depend largely on BTC and whether or not it can gain a strong foothold above $18,000.

One trader doesn’t believe that it will see any massive near-term momentum, as he is closely watching for a bout of consolidation throughout the end of the year before starting a new leg higher in 2021.

Bitcoin Surges Towards $18,000 as Bulls Try to Spark Momentum

At the time of writing, Bitcoin is trading up just over 1% at its current price of $17,990. This is just shy of the crucial resistance level that analysts have been watching over the past few days and weeks.

This level has become a pivotal point for the crypto, as previous breaks above it have sent it rocketing higher, while rejections here have been grim.

The coming few days should provide insights into just how important this level will be for Bitcoin’s mid-term outlook.

Analyst: BTC Likely to See Bout of Consolidation Until 2021

One analyst explained in a recent tweet that he is expecting Bitcoin to see some “healthy” consolidation in the near-term.

“Even though I am bullish in the macro and longterm, and I think the price will easily break above ATH next year, I think that a pullback would be healthy, just like in any traded market. It’s very important that we realize just how far we have come in such a short period of time,” he said.

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

Unless Bitcoin rallies past $18,000 and closes above this level on a higher time frame close, there’s a strong possibility that it will kick off a bout of consolidation.

Featured image from Unsplash.
Charts from TradingView.

Mariner Wealth Advisors, one of the leading Regulated Investment Advisory (RIA) has partnered with crypto-focused investment firm Eaglebrook Advisors to offer Bitcoin to its clients. Mariner Wealth is one of the leading RIA firms which has over $35 billion worth of assets under its management. Eaglebrook would offer its BTC separately managed account (SMA) to allocate Bitcoin to the Mariner Wealth client’s portfolio.

Eaglebrook is known to offer its Bitcoin services to RIA firms as well as financial advisors and is backed by top management executives including Marty Bicknell, Mark Casady, and Joseph Mrak. Eaglebrook promises to offer tax optimization direct ownership, and portfolio integration. Christopher King, CEO of Eaglebrook Advisors believe their BTC product would be a perfect match for the Marnier Wealth clients and said,

“We are thrilled to be working with Mariner Wealth Advisors. Our investment solution, designed to meet the unique needs of firms such as Mariner Wealth Advisors, makes it easy for their advisors to allocate to bitcoin. We expect cryptocurrency adoption to continue and the market to mature, driving even greater demand.”

Marty Bicknell, CEO, and president of Mariner Wealth Advisors commented on their association with Eaglebrook and how their new services are based on client’s demands. He elaborated,

“We are excited to offer this new solution to clients of Mariner Wealth Advisors, where bitcoin fits into their overall wealth plan. Our desire to find new solutions is always driven by client need and we are looking forward to working with Eaglebrook on this new endeavor.”

Bitcoin Turning Out to be Perfect Hedge in These Troubled Times

The rising interest of traditional financial and hedging firms along with mainstream payment processing giants such as PayPal in Bitcoin suggest the growing interest of investors in the top cryptocurrency. The circumstances are just perfect for Bitcoin to rise as a true store of value asset as Gold continues to slide while bitcoin is currently consolidating near the $18,000 mark.