Bitcoin investors are rejoicing after the cryptocurrency surged to fresh 2019 highs around its current price levels, which is making it ever-more likely that BTC will soon break above the psychologically critical price level of $10,000.
Now, analysts are noting that strengthening technical formations are likely to lead Bitcoin’s price higher, which could mean that the world will once again see BTC trading in the five-figure price region.
Bitcoin Surges to Fresh Year-To-Date Highs as Bulls Come Out Swinging
At the time of writing, Bitcoin is trading up nearly 5% at its current price of just below $9,600, which is the highest price the crypto has traded at so far this year and is also the highest price BTC has traded at since May of 2018.
This overwhelmingly bullish price rise has drastically shifted the overall market sentiment for the better and has confirmed that Bitcoin is currently in the throes of the next bull run, which could extend significantly farther than ones encountered in years past due to a recent influx of institutional investors.
Analysts now believe that BTC is posed to continue surging higher in the near-term before it faces any significant resistance that is insurmountable.
Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that he believes the crypto will continue climbing higher in the near-term despite some overhead resistance.
“$BTC possible scenario. Regardless of how it moves, I think Bitcoin pushes higher,” he said.
Although it does seem increasingly likely that it will continue to climb towards the upper-$9,000 region, it is important to note that it is highly probable that BTC will face resistance at or around $10,000 due to the psychological importance of this price level.
BTC Incurs Strengthening Technical Formations
As for what may help fuel a further surge upwards, some analysts are now noting that strengthening technical formations that have come about due to the recent surge will help lead BTC significantly higher.
Chonis Trading, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, pointing to Bitcoin’s MACD nearing its first bull cross in over three years.
“$BTC – monthly MACD flirting with its first Bull cross in over 3 years…as well as first positive #bitcoin Hystogram in over a year… Need month to close out for confirmation, initial touches tend to get rejected on the first attempt to cross,” he explained.
As the month nears an end it is important that bulls maintain their control over Bitcoin and the aggregated markets, as the formation of a MACD bull cross could fan the flames that lead the cryptocurrency into its next upwards parabolic movement.
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