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15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why

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Since Bitcoin (BTC) tapped $6,500 in late-November, analysts have been wondering if the bottom is really in. You see, the leading cryptocurrency bounced by 20% from $6,500, hitting $7,850 just a week after that.

Now, the crypto is trading for $7,400 a pop, seemingly trying to establish a market trend for the coming week. While some say that Bitcoin’s inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.

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