CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher

The $8,000 mark seems to be an important price point for crypto's market leader, Bitcoin.

After a stark $1,700 drop in price on Sept. 24, Bitcoin and the rest of the cryptocurrency market seem to have taken a few steps back regarding the overall trend, which showed significant exuberance in June 2019.

Big Cheds predicts a price reversalBig Cheds pointed out that on Oct. 6 Bitcoin closed out another weekly candle with a tweezer bottom.

The analyst noted the tweezer pattern occurred near the bottom arm of the weekly Bollinger Band indicator, which shows that Bitcoin's price is relatively low.

Weekly Bitcoin price chartAs the largest player in the new and developing digital asset space, Bitcoin often dictates the strength of the entire market.

On lower time frames, such as the daily and hourly candle charts, Bitcoin's price situation looks less than ideal for continued upside momentum.

Bitcoin's recent price action appears slightly similar to the digital asset's capitulation back in Nov. 2018, which was followed by further downward pressure, and eventually led to a severe lack of volatility.

Interestingly, as Bitcoin price broke down on Sept. 24, popular trader Tone Vays made the argument that no new retail funds had entered the crypto space.

Bitcoin price is also near a multi-week support level around $7,500.

This correction may be, in part, the result of the parabolic price move Bitcoin sustained between April and July 2019.The views and opinions expressed here are solely those of and do not necessarily reflect the views of Cointelegraph.