Bitcoin [BTC] Price Analysts Consider Possibility of $9000, as Market Remains Bullish

By Nivesh Rustgi
Published July 6, 2019 Updated July 6, 2019
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Bitcoin [BTC] Price Analysts Consider Possibility of $9000, as Market Remains Bullish

By Nivesh Rustgi
Published July 6, 2019 Updated July 6, 2019

Bitcoin gained slightly on the daily scale as it traded above $11,250. While Bitcoin returned from the pullback, which was a bullish signal at the time, the fact that is failed to break above $12,000 again raises doubts around its bullish potential.

The price of Bitcoin at 4: 00 hours UTC on 6th July 2019 is $11,520. It is trading 2.8% higher on a daily scale.

According to Tone Vays, Derivatives Traders and Crypto-Analyst, $12,000-$12,500 is an essential level for him to start turning bullish as he mentioned in his last Trading Bitcoin update. However, Vays has been a skeptic of the rise in Bitcoin this spring because of its rugged nature and lack of long-term bullish confirmation. Hence, he tweeted,

But $BTCUSD never went above my Resistance zone of $12,250-12,500 hence NO Bullish Trend Change. I now wait for a Buy opportunity at sub $9k or down in $5-6k

Moreover, according to Sawcruhteez, a bearish cross-over between the 9-Day EMA and 50-Day EMA is a potential bearish cross-over. His bearish outlook was also supported by the fact that Bitcoin has been forming lower-highs and lower-lows, which is the opposite of the bull market characteristics.

btcusd trading view
BTC/USD 1-Day Chart on Bitstamp (TradingView)

Nevertheless, he also cautioned against the shoring of Bitcoin because apart from some of the current signals, the overall momentum in Bitcoin is still bullish. He said in his Hyperwave price analysis video,

Not liking to short Bitcoin in the bull markets, but I will short in bull markets a very very small percentage of the time. About 5-10% of my trades can be short. I am not overdoing it.

Also Read: Bitcoin [BTC] Pushed into Testing $11,000 Support: Upside Remains Capped

The targets Sawcruhteez is currently looking at is around $6200. Tyler Jenks who shares similar views on expecting a more significant pullback.

Nevertheless, their views are only for a short-medium term period. Their overall long-term outlook is still bullish. Moreover, Bitcoin has also followed the trendline on the 4-Hour chart, which is still hasn’t broken yet.

bitcoin trendline
Bitcoin Bullish Trendline (Source)

Mati Greenspan, the Senior Market Analyst at eToro, also talked about the trendline in his recent market update, he said,

The range we’ve been tracking (blue square) remains unchanged, as does the trendline (yellow) which is still very strong. What’s really great about the current bull run is that it did happen a bit more gradually than in 2017 and therefore had more time to build in solid levels that could support this incline.

Hence, apart from a bearish breakout, there is a strong possibility of continuation of the bullish move after a period of consolidation.

Which side are your trades inclined: bullish or bearish? Please share your views with us. 


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
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)

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