It is important to note, however, that the crypto’s bulls have been ardently defending against a drop into the lower-$8,000 region, which does point to vitality amongst buyers.
Now, analysts are noting that an abundance of increasingly bullish macro factors could suggest that the crypto will soon see a movement up towards its 2019 highs.
Bitcoin Remains Caught in a Bout of Sideways Trading
At the time of writing, Bitcoin is trading up marginally at its current price of $8,675, which is around the level at which it has been trading at for the past several days.
Yesterday, bears did attempt to spark another sharp sell-off in hopes of erasing some of BTC’s recent gains, but this was quickly met with a significant amount of buying pressure that helped propel the cryptocurrency up to highs of nearly $8,800.
At this point, the crypto pushed up against a strong resistance level that hampered its momentum, which subsequently resulted in a slow grind downwards that has once again led it into the mid-$8,600 region.
Jonny Moe, one popular cryptocurrency analyst on Twitter, bullishly noted in a recent tweet that he believes if BTC is able to break above $9,200 and set a fresh local high, it will be at around $14,000.
“If we make another local high my money is on a $14k retest,” he concisely noted.
If we make another local high my money is on a $14k retest. $BTC
— Jonny Moe (@JonnyMoeTrades) January 22, 2020
What Factors Could Propel BTC To Fresh Multi-Year Highs?
If Bitcoin is to blast past its 2019 highs that exist at $13,800, there will likely have to be some sort of fundamental or technical catalyst to fuel this movement.
Satoshi Wolf – a cryptocurrency analyst on Twitter – explained to his 13k followers that he believes there are a few simple macro factors that make him bullish on BTC in the coming months.
“A good mate asked for my take on $BTC. The monthly chart says it all: 1. Price decline + volume decline = Bullish 2. Volume backed bounce off strong support = Bullish 3. Halving = Bullish. Until something changes I am Bullish on #Bitcoin and will do everything to get more,” he explained.
A good mate asked for my take on $BTC
The monthly chart says it all:
1. Price decline + volume decline = Bullish2. Volume backed bounce off strong support = Bullish3. Halving = Bullish
Until something changes I am Bullish on #Bitcoin and will do everything to get more. pic.twitter.com/XGWxLUpCJF
— Satoshi Wolf (@SatoshiWolf) January 22, 2020
The coming few weeks will likely offer insight into how the ongoing bout of consolidation will resolve, but the aforementioned factors do seem to suggest that the crypto will see some further near-term upwards momentum.
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