Bitcoin Surges Higher To Flirt With $8,600, Analysts Await $10,000

Bitcoin (BTC) has just broken out of a short-term consolidation pattern, moving past key short-term resistance at $8,300 to $8,400. As of the time of writing this piece, BTC sits at $8,540 after touching $8,580 just minutes earlier. Many are sure that this is a sign of continued bullish momentum, meaning that a continuation to the upside may just be possible.

Bitcoin Closing Above $8,400

According to a number of analysts, Bitcoin closing above and around $8,400 on the daily or weekly resolution would be absolutely monumental for bulls. Josh Rager, a team member at Level and a popular analyst, recently noted that if Bitcoin closes above $8,300 in the coming hours, he would fully expect for a move to $9,600 to come to fruition. And interestingly, he isnt the only one in this boat.

In a recent tweet, prolific analyst Crypto Rand remarked that he sees a clear pattern playing out for Bitcoin. As depicted below, Rand expects for the leading cryptocurrency to trade within a triangle for the coming month, then break to the upside to potentially push the auspicious $10,000 level. As shown below, the only key resistance holding BTC back from accomplishing such a feat is the $8,300 to $8,400 band.

Even a key industry executive has joined in on calling for Bitcoin to hit $10,000.

Speaking to industry publication CryptoBriefing, Alex Mashinsky, an early developer of Voice Over Internet Protocol and founder of the cryptocurrency startup Celsius Network, divulged that he expects for BTC to soon tap $10,000. He looked to the fact that the long-to-short ratio on certain platforms is still short-heavy, meaning that there are those on the short-side that have yet to cover their positions. Thus, he concluded:

So I think were going to go above ten thousand before we see a correction. Because these guys are going to be squeezed out. We havent seen the pain yet. We have not seen them cover. They have to cover, and when they cover, they buy bitcoin.

Bitcoins upward momentum on the very short term has begun to slow, but we have to wait for the daily and weekly close in the coming hours to determine the momentum of this market.

Featured Image from Shutterstock

The post Bitcoin Surges Higher To Flirt With $8,600, Analysts Await $10,000 appeared first on NewsBTC.

26.05.2019 / 13:00 85
Traders Eye $10,000 As Bitcoin (BTC) Steadies Around $7,900 Traders Eye $10,000 As Bitcoin (BTC)
Bitcoin Despite the fact that Bitcoin (BTC) has just shed $300 in under a few hours, breaking under the $7,800 support level yet again, many are
Analyst Calls For $10,000 As Bitcoin (BTC) Stabilizes Around $8,000 Analyst Calls For $10,000 As Bitcoin
Bitcoin Closes Weekly Candle Strong Despite the fact that Bitcoin (BTC) has just shed $150 in under an hour, breaking under the $8,000 support level
Bitcoin Bounces To $8,100, Yet Analysts See Potential For Healthy Pullback Bitcoin Bounces To $8,100, Yet Analysts
No one expected what Bitcoin (BTC) did in the past 24 hours. According to Messaris OnChainFX, the leading cryptocurrency is up 9% in the past 24
Bitcoin (BTC) Unlikely To Surmount $6,000 Until Late-2019, Historical Analyst Suggests Bitcoin (BTC) Unlikely To Surmount
Bitcoin May Remain Trapped Under $6,000 For Now Analysts, like Crypto Rand, fully expect for Bitcoin (BTC) to soon break past the $6,000 resistance
Bitcoin Bulls Roar As BTC Tops $5,600, Analyst Calls For $6,500 Bitcoin Bulls Roar As BTC Tops $5,600,
Bitcoin Sees Golden Cross At Last At long last, Bitcoin (BTC) has printed a golden cross on its one-day chart, whereas its 50-day moving average has
Bitcoin To Rally Past $6,000? Crypto Analysts Weigh In Bitcoin To Rally Past $6,000? Crypto
Bitcoin Poised To See Another 10% Jump Crypto Rand, a popular trader that recently had a bit of a run-in with XRPs fanatics, recently remarked that
Comments (0)
Add a comment
Comment on