Analysts Expect that Despite Bearish Sentiments, BTC May Surge to $21,500

Bearish Sentiments

For a few days, the trading price of Bitcoin (BTC) has been moving around a particular value. The price chart shows that the trading price of BTC has been hovering around the 20-day EMA.

As of now, the 20-day EMA for Bitcoin is $16,979 and the asset had been moving in the particular range for the past four days.

The bulls attempted a Strong Rally

It is worth noting that the bulls had been able to push BTC to the $16,979 figure after achieving a strong rally. Therefore, the bulls had expected that they will be able to push BTC’s price higher.

It was on December 5 when the bulls attempt to form a stronger rally. They wanted to increase their buying pressure in order to force the bears out of the competition.

The bulls had hoped to form a strong rally and pump the trading price of Bitcoin but it did not work well. The bears started to sell Bitcoin and its value was pushed back from reaching a higher level.

Long Wick Formation Indicated Heavy Selling

As the bulls pushed BTC over the $17,000 barrier, the bears increased their selling spree. This eventually pulled the trading price of BTC below the $17k mark, confirming that the bears are not ready to give up easily.

They are determined to form a strong selling spree if the trading price of the asset hits a higher level. This could be confirmed by the candlestick pattern from December 5 that formed a long wick.

The perception is still there the bulls are no match for the bears at the higher levels. They will continue pulling Bitcoin’s price with heavy selling whenever Bitcoin hits a high trading price.

For now, the $17,000 level is the first barrier that would be hard for the bulls to cross and regain for good. If the bulls are able to cross the level and retain it, then it will be a different scenario for the bulls.

Bulls to Push Bitcoin to $21,500

If the bulls are able to cross the $17,000 barrier, they will have the bears waiting for them at $17,622. It will prove to be a very difficult level for the bulls to cross.

The competition will be very high at this level and the bulls will have too much at stake. If the bulls are able to form a stronger rally and things work out in their favor, then Bitcoin will cross the particular mark.

Once the price of Bitcoin is over the particular mark, their next target would be to push it over $18,223 (50-day SMA).

With enough confidence accumulated by the bulls, they will be able to launch stronger attacks against the bears. This will result in the trading price of Bitcoin crossing the $20k barrier, eventually hitting $21.5k.