Analyst: Bitcoin Rally Likely to Continue Accelerating as BTC Breaks Above $6,000
Bitcoin has been able to continue surging higher today and has now broken into the $6,000 region, which many analysts believe is a key region that the cryptocurrency must gain a solid footing within if the notion of an imminent bull run is to be validated.
Although the surge above $6,000 was certainly bullish, analysts generally agree that BTC is likely to incur some resistance around $6,400, which may prove to be a difficult level to break above.
Bitcoin Climbs to $6,100 as Upwards Surge Continues
At the time of writing, Bitcoin is trading up nearly 3% at its current price of $6,100, up slightly from its daily lows of $5,900 and up significantly from its one-week lows of roughly $5,500.
Bitcoin is currently trading at its highest price level of the year, and has put a significant distance between its current price and its year-to-date lows of roughly $3,400 which were set in early-February.
BTCs recent surge first began in early-April when the cryptocurrency rapidly surged from the low-$4,000 region and into the lower-$5,000 region, from which point it experienced a bout of choppy sideways trading before it once again began climbing higher and broke into the $6,000 region.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, recently shared a bullish outlook on Bitcoins current price action, noting that he expects BTC to continue accelerating higher before it hits a resistance level that is simply too big to handle.
I tend to think this $BTC rally will continue to accelerate until we hit a resistance simply too big too handle. I’m keeping my longs open. Bear market over. Bull market in? – I want to see how we handle $6350. If we turn that into support – oof. Hope you bought the dip, he explained in a recent tweet.
I tend to think this $BTC rally will continue to accelerate until we hit a resistance simply too big too handle. I'm keeping my longs open.— The Crypto Dog? (@TheCryptoDog) May 9, 2019
Bear market over. Bull market in? - I want to see how we handle $6350.
If we turn that into support - oof. Hope you bought the dip.
Will BTC Continue Surging Higher in the Near-Term?
Although there may be some levels of resistance around $6,400, as The Crypto Dog noted, analysts still believe that there may be further room for BTC to surge before it hits a price level that sparks a retrace.
Murad Mahmudov, another popular analyst on Twitter, concisely told his nearly 50k followers that he believes this rally may still have a bit of juice left.
Think it may still have a bit of juice left. pic.twitter.com/tNga3HJeIu— Murad Mahmudov ? (@MustStopMurad) May 9, 2019
While looking at a higher-time-frame chart, the significance of the cryptocurrencys recent surge becomes apparent, and popular cryptocurrency analyst Mayne recently noted that a drop towards $2,000 a price point that many analysts were targeting as a long-term bottom while Bitcoin was stuck in the low-$3,000 region appears to be highly unlikely at this point.
Looking at the $BTC chart on the HTF is really amazing. Seeing how far and fast we’ve moved off the lows back to $6000 which seemed like the floor for eternity. Some food for thought, for us to drop to $2000 from here, would be almost the same % drop from $20,000 to $6000, he noted.
Looking at the $BTC chart on the HTF is really amazing. Seeing how far and fast we've moved off the lows back to $6000 which seemed like the floor for eternity.— Mayne (@Tradermayne) May 9, 2019
Some food for thought, for us to drop to $2000 from here, would be almost the same % drop from $20,000 to $6000. pic.twitter.com/FD2fHvjqha
Although the bottom may be in for BTC, it remains unclear as to whether or not the cryptos bulls truly have enough buying pressure to kindle the next parabolic upwards surge, or if further consolidation is necessary before a fresh uptrend begins.
Featured image from Shutterstock.
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