Bitcoin Resumes Upward Trent. Breakout to $10,000 Probable

Bitcoin Price Likely Bottomed at $7,700, Bitcoin Trends Upward, ALT coins follow, by Peter Floyd, Crypto Mining Bonanza

Since Bitcoin's bulls were sidelined in late-June, cryptocurrency investors

have been wondering at which point will the pain stop, at which stage will BTC resume its uptrend to potentially new all-time highs. Bitcoin dropped through $13,000, then $10,000, then $8,000 most recently. And , some are calling for another 25% fall to $6,000, which is where several traders believe the cryptocurrency market will get an ultimate bottom before a multi-year bull market.However, there is growing evidence suggesting that the leading cryptocurrency will soon reverse to the upside.Bitcoin Indicators Imply Impending BottomMohit Sorout, a partner at Bitazu Capital, noted that a number of Bitcoin indicators are reaching an inflection point, which he considers is where BTC's cost will finally bounce. "[The] Relative Strength Index, positive Directional Indicator, and negative Directional Indicator all have to reset to a significant horizontal level," he contended before adding that"such amounts have just one job: to reverse the BTC price "As implied by the chart that can be seen above, Bitcoin is likely to drop somewhat lower to bottom (possibly to retest lows at $7,700), then start a fresh bull trend, thus reversing the negative trend accentuated by the indicatorsSorout isn't the only one anticipating for Bitcoin to shortly bottom.As reported by NewsBTC previously, the model that predicted the fall from $10,000 to $8,000 is revealing that the bear trend has ended.The model in question, which was created by crypto investment consultancy BurgerCrypto, is derived from Bitcoin's historical returns and the stock to flow ratio and forecasted by Facebook's Prophet. As can be seen below, the model shows that Bitcoin bottoms in October, begins to trend higher into Halloween/early-November, then surges into the all-time high