Bitcoin finally breached $6000 on 9th May 2019. The momentum toward Bitcoin [BTC] was high this week as it held above the $5700 mark. Moreover, it was barely affected by the Binance hack, which affected one of the largest cryptocurrency Exchanges in the world.
The price of Bitcoin [BTC] at 3: 40 Hours UTC on 9th May 2019 is $6060. It is trading 3.34% higher on a daily scale. The ‘bull run’ as expected might have begun as Bitcoin is closing near two times the bottom (near $3150) price. The dominance of Bitcoin over the cryptocurrency market is 56.8% and the total market capitalization is above $107 billion.
Should We Expect a Pullback?
While a strong buying momentum is built up, making traders apprehensive of the next bull run, some bears maintained their stance. Tone Vays, a leading trade analyst on Bitcoin is expecting a “pullback.” He said,
“We’ve not had any significant pull back in bitcoin for a long time.”
The bear case from here according to Tone Vays’ analysis was based on sequential on a daily chart which reached a high at $5974. He also asserted that the ‘probability of a pullback has increased’ now. Nevertheless, he also predicted that a sequential 1 and 2 above the 9 would set up for another leg up with targets near $6150.
Bitcoin Futures traders Scott Nations and Jim Luorio spoke with CNBC earlier this week. Jum suggested a buy order near $5810. The targets have been reached according to Jim,
“Its an emotional trade, mostly FOMO because people are still in the apprehension of a $20,000… the upside is the easiest path is upside with a target of $6060”
However, he also suggested that another leg up can be expected in Bitcoin and he would not “short it” at the targets. Bitcoin Futures is trading 2.45% higher at $6040 at 4: 00 Hours UTC on 9th May 2019.
On the other hand, bulls like B.Biddles are expecting another an “upward and onward” momentum in Bitcoin. He stood firm on his previous analysis of Bitcoin completely reversing the trend towards a bull run. He tweeted,
Anything between 5.8 and 5.9 right now is a fucking gift from God.
Ran Neuner, CNBC host, and crypto-trader, also reasserted his bullish sentiments in a tweet. He tweeted,
“Some people still don’t believe we’re in a bull market…”
Do you agree with the pullback analysis or we’re in a bull run already? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist 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