$10,000 Inbound If Bitcoin Closes Above $8,400
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 $8,720 after touching $8,780 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.
According to a number of analysts, Bitcoin closing above the auspicious $8,400 price point 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. As he wrote in a recent tweet: “Goodbye meme triangle, hello $9k+ targets. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k.”
And interestingly, he isn’t 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 $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.
Rand and Rager aren’t the only two analysts thinking this way. As reported by Ethereum World News yesterday, Moon Overlord pointed out last week that BTC was still bullish, as it then traded well above key resistance levels at $7,000, $7,300, and $7,400; and continues to trade in two clear parabola patterns, which have both yet to go entirely vertical (meaning there is still room to run). He then noted that if BTC broke above $8,400, it could begin a rally to the $10,000 price point. That could be where the rally ends though, as quintuple digits are where BTC topped about one year ago.
And more recently, Tuur Demeester noted that Bitcoin continues to hold in a bullish parabola, which has acted as support for BTC since December 13th’s jaw-dropping bottom. In fact, the asset touched the parabola in February, late-March, early-April (to kick off the current rally), throughout early-May, and just last week. If this trend continues, the Adamant representative suggests that Bitcoin could rally by 40% — around $3,000 — from current levels to hit $11,000 by early-June.
$28,000 Still In Play
Max Keiser, a prominent industry commentator and investor, believes that $10,000 may just be the tip of the iceberg though. Keiser opined on Twitter that “there’s very little supply between here and [a] new all-time high”, leading him to the conclusion that “$28,000 is still in play.” In previous tweets, Keiser has suggested that a move to such a high price level will be catalyzed by crisis, presumably one on a macroeconomic scale.
Title Image Courtesy of Elliott Engelmann Via Unsplash