Bitcoin continues to gain market dominance and nurture its present bull run. Now, an analysis has revealed that there is an aggressive inbound bullish movement on the cards that will most likely push bitcoin’s price up to around $17k in late September.
Cryptocurrency analyst and blockchain enthusiast who is known as CryptoWelson on Twitter took to his Twitter handle recently to share his prediction that bitcoin would see a major price surge which, according to him, will pump the price of bitcoin to $17k before the end of September. According to WelsonTrader, bitcoin’s expected price pump is also correlated with the upcoming September 23rd Bakkt launch.
Bull Run Inbound, Price Dip Is Most Unlikely
CryptoWelson also noted bitcoin that showed little possibilities of a plunge below the $9,400 area and that he was not expecting such a turn of events. CryptoWelson often tweets on bitcoin price movements with technical analysis. In one of his previous tweets, he noted a historical price breakthrough that bitcoin made around May this year.
According to CryptoWelson, bitcoin broke major resistances to touch new quarterly highs in May and later surged its price up by more than 100% within the next two months. This period, CryptoWelson believes, was when bitcoin officially left the devastating bear market that began early in 2018.
CryptoWelson further confirmed that he expected bitcoin to keep rising in price from this point. Also backing this claim up with TAs, he added a price chart showing possible price movements of bitcoin within some time in the future.
Analyst Bullish On Alts
Further, CryptoWelson also weighed in on alts, indicating that some of them would most likely catch bitcoin’s bullish signal and rise alongside the king crypto. While he wasn’t particular about any altcoin, CryptoWelson added that the dollar value has always risen alongside a rise in bitcoin price, stating that alts too will surge up in price along with bitcoin over the next month.
Bakkt Launch Not Entirely Bullish
CryptoWelson also made a very important remark about his bullish calls. He maintained that while Bakkt is expected to launch later in September, and the event may just cause a drastic rise in bitcoin price, the news of Bakkt itself is not entirely bullish.
However, the fear of missing out (FOMO) would most likely cause the expected bitcoin price pump. CryptoWelson made a reference to the 2017 bitcoin bull run when CBOE announced bitcoin futures. Bitcoin price was around $20k at that time but it dipped once the launch had taken place.