Bitcoin (BTC) has managed to extend its gains into the weekend. As of the time of writing this report, the cryptocurrency is trading at $10,850, having flirted with prices a tad higher than $11,000 on Saturday.<\/p>\n
According to a growing number of industry analysts, there is growing evidence to back up the idea that Bitcoin is poised to embark on another leg higher, despite the harrowing cries for a return to $6,000 and even lower.<\/p>\n
Bitcoin has been somewhat on a tear as of late. Over the past seven days, the cryptocurrency has gained around 13%.<\/p>\n
While the exact catalyst is unclear, it seems that this recent recovery was somewhat triggered by recently-published tweets from Donald Trump about the China trade war. In fact, the latest leg higher coincided with the release of one tweet that also sent gold, Japanese Yen, and Swiss Franc higher.<\/p>\n
According to<\/a> analyst Nick Cote, Bitcoin is nearing the point where it may reenter its “bull run” phase.<\/p>\n In fact, he writes that should Bitcoin turn the $11,100 to $11,300 region into support, meaning a strong close maybe on the daily and weekly, a move higher would totally make sense. He writes, “[a] weekly engulfing for the bulls has usually had a follow through the following week”.<\/p>\n Simple yet god tier analysis:<\/p>\n Bull run is back on above the $11.1 – 11.3k level if turned support. <\/p>\n Weekly engulfing for the bulls has usually had a follow through the following week.#bitcoin<\/a> $btcusd<\/a> pic.twitter.com\/8AqOntQ3lX<\/a><\/p>\n — Nick Cote (@mBTCPiz) August 4, 2019<\/a><\/p><\/blockquote>\n\n