A senior crypto analyst at Bloomberg Intelligence says he’s feeling bullish on Bitcoin.

🔥Reach more than 5 000 000 real investors via Twitter influencer marketing! 🔥

According to Mike McGlone, BTC has hit its first solid support zone since May, and CME Group’s launch of Bitcoin options early next year should help trigger a new rally in the long run.

“The price has dipped into the first good support zone since the May breakout. When Bitcoin, in orange, rallied above $6,500, it signaled a recovery. This level is now about the 52-week average, in white.

$8,000 to $6,500 is a good support area. The first good resistance is now about $10,500. Options will begin trading next year, so responsive long positions appear warranted.”

Crypto Analyst Bloomberg
Crypto Analyst Bloomberg

Meanwhile, trader Tone Vays is pleading caution and says Bitcoin may have a lot more room to fall.

In an interview with BlockTV, Vays says BTC may continue to correct from its meteoric rally that began in early 2019.

https://twitter.com/BLOCKTVnews/status/1176784517539008512

“The entire move has now fallen 42%, which is typical of Bitcoin to fall 40% and then go back to the upside.

However, because the move from $3,000 all the way to $14,000 was virtually exponential, I continue to look for a bigger correction before being comfortable in, say, going all-in on Bitcoin with whatever savings I have left.”

Josh Rager is also looking for Bitcoin to continue its major pullback.

He says BTC will have to close above $8,800 in order for the bulls to take back the momentum.

“BTC seems to have found a support that it likes at $8,000. Will continue to watch order books and how price reacts up at $8750-$8800 if it makes it up there.

Expect more down, but sideways is expected after a violent dump. Would flip more bullish with a close above $8,800.”

Josh Roger Crypto Analyst
Josh Roger Crypto Analyst

🔥Reach more than 5 000 000 real investors via Twitter influencer marketing! 🔥