Bitcoin and also the aggregated crypto markets have been receiving an explosive upwards surge in the last several days, with BTC surging to fresh year-to-date highs even though many altcoins catch the tailwinds of their upwards momentum.
Although a lot of traders are carefully watching for an additional pullback before getting into fresh lengthy positions, one prominent analyst believes that BTC may surge to in excess of $8,000 within the near-future before incurring any significant pullback that is really a correction.
Bitcoin Quickly Approaching $8,000 as Upwards Momentum Continues
During the time of writing, Bitcoin is buying and selling up over 12% at its current cost of $7,800, up considerably from the daily lows of $6,900 that have been set yesterday after Bitcoin dropped because of facing elevated selling pressure around $7,500.
Although yesterday’s drop to below $7,000 brought many traders to think the cryptocurrency’s upwards momentum is at risk, the drop acted as fuel that permitted the crypto markets to carry on surging to create fresh year-to-date highs.
More than a seven-day buying and selling period, BTC is buying and selling up from lows of $5,700, and it is presently showing couple of indications of hitting any significant amounts of resistance around its current cost levels, which might signal that the further surge is imminent.
Josh Olszewicz, a well known analyst on Twitter, shared his ideas on BTC’s current cost action inside a recent tweet, explaining that Bitcoin presently has upside resistance at roughly $10k when searching for the cryptocurrency’s kijun line.
“1W $BTC kijun didnt hold as resistance. The only real upside resistance left is cloud at 10k. Not to imply it’ll happen, but possibility of a cloud touch increases if kijun is breached. This whole move ahead the 1W has become very different than 2013/2014/2015,” he described.
kijun didnt hold as resistance
the only real upside resistance left is cloud at 10k
not to imply it'll happen, but possibility of a cloud touch increases if kijun is breached
this whole move ahead the 1W has become very different than 2013/2014/2015 pic.twitter.com/Sunm5EfGvs
&mdash Josh Olszewicz (@CarpeNoctom) May 13, 2019
BTC Prone to Continue Surging in Near-Term
However, there will in the end be pullbacks after large upwards swings such as the ones the crypto financial markets are presently experiencing, Bitcoin can always possess some fuel left that will permit it to surge greater before it faces any significant amounts of resistance.
Josh Rager, one other popular cryptocurrency analyst on Twitter, spoke relating to this possibility inside a recent tweet, noting the next target of “serious interest” exists at $8,200, having a downside support region existing at roughly $6,400.
“$BTC – The FOMO is real. Bitcoin is presently on the tear & the following target of significant interest rates are $8200+. High interest remains near $6400 if BTC decides to awesome off & pullback. My dream place to buy could be $5500 to $5700 but there’s no promise $BTC will hit that low again,” he described.
$BTC – The FOMO is real
Bitcoin is presently on the tear & the following target of significant interest rates are $8200+
High interest remains near $6400 if BTC decides to awesome off & pullback
My dream place to buy could be $5500 to $5700 but there's no promise $BTC will hit that low again pic.twitter.com/GkEmn4uf8t
&mdash Josh Rager (@Josh_Rager) May 13, 2019
Because the week proceeds also it becomes more and more obvious regarding where BTC’s next amounts of support and resistance exist, chances are that analysts and trader alike will obtain a better understanding of the present surge’s durability
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