Bitcoin bulls have the prices slowed down at $8,200 level, however, it is looking forward to another breakout to go beyond $8,300 before meeting the critical resistance. Whereas Spencer Bogart predicts bitcoin is just waiting to explode higher.
BTC/USD heading for another breakout
Bitcoin is well above $8,000 and with the way things are going in the crypto market, looks like bulls are here to stay. At the time of writing, Bitcoin has been trading at $8,229 with just barely in the green.
The market sentiments currently are tilting towards a much higher price for bitcoin. If we take a look at the technical part of the Bitcoin price, it is heading for another breakout. A few days back, Bitcoin hit the $8,500 level briefly on BitMEX exchange. But at this point, BTC/USD hit a critical resistance and went right back down.
This is a bearish line that is keeping Bitcoin from jumping this limit. However, Bitcoin has been able to hold its ground at the ongoing level and maintain its balance between the $8,470 high and $7,700 low.
Actually, the price is sitting ideal waiting for either bulls or bears to make an appearance. The resistance target for bitcoin right now is at $8,300 and if it has to go beyond $8,500, the price has to break above $8,400.
If the prices have to go lower, the support is at $8,180 and then at $8,100 that will help the prices from going below the $8k mark.
Bitcoin ready to explode higher
Bitcoin is at a crucial stage which people believe is going to hit a new number soon. According to Spencer Bogart, who is a partner at Blockchain Capital and former Bitcoin Analyst predicts the bull rally is waiting to go higher.
“Bitcoin is a tinderbox, right now that is waiting for reasons to go a bit higher whether its global wars or trade wars, whether it is an ETF approval, etc. I think any number of catalysts can send Bitcoin exploding higher.”
Bogart also said that Bitcoin just might have hit its bottom this year and is expected to see new highs. He is also expecting more regulatory approvals to come before further adding,
“The cat’s already out of the bag, innovation is going elsewhere if the SEC doesn’t get on board soon.”
In May, when Bitcoin was falling, Bogart has said it is the only coin that is worth buying while others are “over-promising and under-delivering”.
Bitcoin has always proved that it can recover even if the bulls have taken a back step. Given the fact that bulls seem to be only slowing down, the prices can be expected to reach new highs.
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