Bitcoin’s bullish momentum again caught fire as it broke above $9000. Currently, it is testing yearly highs near $9100. The rise comes after a red candle on the weekly scale, which apparently provided the pullback the traders were expecting to confirm sustainability in the surge.
According to a leading chart analyst, who publishes under pen name MagicPoopCanon said Bitcoin could reach $13500 in a jiffy. He said,
If we don’t surpass 9100, then we obviously aren’t going to 13500. Furthermore, there are several big resistance levels before 13500, and any one of them could act as resistance — particularly up to 10000.
The price of Bitcoin at 4: 45 hours UTC on 17th June 2019 is $9200. Earlier, Tom Lee has also mentioned the FOMO that $10,000 Bitcoin might create in the market. The anonymous trader reiterated this face,
With that said, it is extremely likely that if we surpass 10000, BTC is going to absolutely RIP higher. There are virtually no sell orders above 10K. The sky is the limit from there, but I think a rally above 10K will likely be capped off around 13500.
Nevertheless, the volume of Bitcoin trading is currently low. However, bearish market sentiments have subdued considerably. Tone Vays, chart analyst who was expecting a 30-40% pullback from $9400, also confirmed that a break above $9400 now could break bullish towards $13000.
B.Biddles identified a bull flag formation on the hourly chart with targets in the range of $10500-$11,000. He tweeted,
Hey, what’s that word again for a descending channel at the top of a pump? 😎
Hence, the apprehension of a bull trap seems to be weakening massively. Bitcoin also surpassed 1 million active addresses, which, is a significant market indicator of its network’s strength. Nevertheless, the increase in Bitcoin with centralized cryptocurrencies is putting a lot of pressure on altcoins.
Do you think that altcoin markets will be diminished even further or on the contrary alt-season will begin soon? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com