Bitcoin [BTC] rose to a new yearly high near $11250 on 23rd June 2019. It has recovered about 57% from its All-Time High. Moreover, Bitcoin due to its speculative nature has followed a series of cycles consecutive bullish and bearish periods. Currently, the bearish pennant seems to be broken completely.
Bitcoin closed above $10,500 on the weekly chart, which is bullish according to two analysts. Tone Vays, Derivatives traders and crypto-analyst, Sawcruhteez suggest continued bullish momentum on Bitcoin on a weekly scale.
According to Tone Vays, the next bullish target for Bitcoin will be near the 62% Fibonacci line at $13346.
Tone emphasizes the shape of the candle and the sequential trading analysis. Apart from the 4-Hour chart, he suggested that all the other charts were timeframes were bullish. However, there was an ominous warning in Vays analysis. Vays and Crypto-Trader journalist, Ran Neuner bet on Bitcoin’s price correcting to $4500; Tone Vays still believes it is a possibility. According to him,
“Those that have no Bitcoin are probably in a little bit of panic and my advise to them is stay patient. Don’t panic.”
This warning was released because the rise is Bitcoin has been unprecedented above $4200. Nevertheless, the bears for Bitcoin who placed short orders near $3000-$5000 must be in massive loss. Richard heart, angel investor and Bitcoin trader tweeted,
“Best thing about this # price move? Bears should be totally annihilated by now…. If you shorted $3200 of # at $3200 and closed at $11000 you lost $7800. 244% loss.”
Sawcruteez also predicted bullish tidings for Bitcoin at it broke the market reversal was verified by hyper-wave cloud pattern that is being followed by Tyler Jenks and Sawcruteez for a while now. The Hyperwave is suggesting a long-, medium-, and short term bullish reversal. He tweeted,
“The weekly $ cloud is now fully bullish.” He also tweeted, “If price stays above $10,555 then it will be something to keep an eye on. “
Hence, the price seems to be pointing towards $13000 with no apparent downside visible to it. Recently, a similar target was previously was predicted by other analysts. Moreover, the volatility in Bitcoin and the building pressure on altcoins should see large movements in the near future.
Do you think that altcoin season will ensue as Bitcoin begins to stabilize? 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