Bloomberg: Bitcoin price ready to return to $ 8,000

According to U.Today, Bitcoin may eventually rebound to the $ 8,000 level. Bloomberg said that Bitcoin has entered a buying trend, meaning that traders should be cautious to short BTC's recent price rise. If buyers hurry, Bitcoin may still avoid the biggest decline in the monthly chart for 2019. Data show that after a slight increase of 2% in the past 24 hours, Bitcoin changed hands for $ 7,754. Bitcoin still fell 19.1% in November, with a peak price of $ 9586. Trader Mr. Anderson said that it was key for the bulls to stay above the 21-month exponential moving average. Technical analyst Omkar Godbole said that Bitcoin needs to close above $ 7380 to show a bullish reversal on the three-day chart. If the bulls want to increase their bets, they need to break through $ 8,200 to form a reverse head and shoulders combination. This bullish pattern usually indicates the bottom of the market. Nonetheless, Oanda market analyst Craig Erlam claims that this short-term momentum will not eliminate a lot of bearish sentiment surrounding Bitcoin. "There has obviously been a lot of bearish sentiment lately, and there is no sign of a change in the rebound to me." If so, the recent recovery of Bitcoin may be as short as a "fake China rally", pushing the price of Bitcoin in one day. More than 40% higher. Although Bloomberg has come under fire from the crypto community for its article, it is more accurate in terms of short-term price predictions. On November 5, Bloomberg released a forecast of bearish prices and found that the forecast was very accurate.