Bitcoin May Target $5,000 in Near Term as Momentum Falters

News BTC | Oct 12, 2019 at 6:00 PM
  • After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region.
  • Bitcoin’s inability to continue surging after it visited its recent lows of $7,800 points to an underlying weakness amongst the cryptocurrency’s bulls, and may signal that it will incur further losses in the near-term until it finds a region of support that has enough buying pressure to spark the next long-term uptrend.
  • It becomes abundantly clear that Bitcoin is currently trading at a pivoting point that will determine which direction the aggregated crypto market head next.