Bitcoin Price Analysis: BTC/USD Optimism Grows Given Price Formation and Experts Remaining Bullish
- BTC/USD price action has formed a bullish pennant formation, subject to a breakout higher.
- Fundstrat’s Tom Lee still believes Bitcoin will surpass $25,000, despite current bear market.
The Bitcoin price on Monday was seen nursing minor losses of 0.3%, after initially starting the session slow. Selling momentum that was seen at the early part of the day, began to lose steam in the pressure to the downside.
In terms of commentary, recently Fundstrat’s Tom Lee, known for his very bullish Bitcoin calls, reconfirmed his view. He still believes that Bitcoin will surpass $25,000 mark, despite the current bearish market conditions. Tom Lee noted, “People are too bearish… What happens is people get bearish because it makes sense. You know the market conditions have been terrible and we are under our 200-day moving average.”
BTC/USD price action has formed a bullish pennant pattern, as can be viewed via the 4-hour time frame. Looking even more likely to have an extended breakout to the upside, as its range narrows within. Resistance is seen tracking from $6400-600 area, a clean break above, will open the door for buyers again. Further north, BTC/USD bull will need to clear $6800, to see $7000 and beyond again. Support looks firm at $6350-300 area.
BTC/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
