Kitco's market analyst Jim Wyckoff is unfazed by Bitcoin's sluggish price action.
In his latest analytical piece, Wyckoff says that BTC remains in an uptrend.
image by kitco.com
A huge move is coming
Bitcoin has been range-bound for the past few days. Normally, such periods of subdued volatility are followed by major price moves in either direction.
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Wyckoff assumes that this is going to be the case this time around as well, and the bulls might find themselves in the driver's seat.
"A price uptrend is still in place on the daily chart and bulls have the overall near-term technical advantage," Wyckoff wrote.
BTC slides with stocks
Earlier today, U.Today reported that trader Scott Melker expected the BTC price to touch the $7,500 price mark this year.
However, due to Bitcoin's failure to make a convincing move, the dispersion of analysts' predictions remains rather high. The fact that Bitcoin follows other macro assets doesn't support the bullish narrative.
At press time, BTC is trading at $7,035 after sliding more than one percent together with U.S. stock futures.
All major U.S. stock indexes are currently in the red after the oil price collapsed nearly 40 percent (its biggest daily drop ever).
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