Home Bitcoin Bitcoin Bitcoin (BTC) Will Remain Bullish In The Phase Of Slight Volatility

Bitcoin (BTC) Will Remain Bullish In The Phase Of Slight Volatility

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Can Bitcoin break out of the feared cycle and begin a new bullish ride, asked market watchers The most compelling case for a breakout above $10,500 in the near term, which would kick-start a new bull market, is the ongoing consolidation of BTC at $9,500.

Introduction

Traders have predicted that Bitcoin, the world-leading cryptocurrency may touch 12,000USD in the interval of one month if it strikes through $10,000USD. This prediction for an upward movement came as a result of the king of cryptocurrency maintained a steady price in the midst of unpredictability a few days ago. Historically Bitcoin is characterized by large price movement sequel to long days of steady price. For about four days now, the value of Bitcoin (BTC) steadied at a 2% range, which is not a normal low point of volatility for Bitcoin.

Bitcoin Price Analysis For The Last One Month: Slightly Bullish

Trading price opened at 8,909.59USD on May 26, 2020, and closed at 9264.81USD yesterday, June 25, 2020. The trading price difference is 355.22USD amounting to a 4 percent increase.

Why Analysts Predict 12,000USD Possibility Amidst Unpredictability

Since late 2019, the value of Bitcoin has moved inside a cycle controlled by its record-breaking-high in 2017 and local peak in June 2019. Each endeavor to get loosed from the cycle in the last 10 months led to a steep sell-off in the digital cash market.

In October 2019 and February of this current year, the value of Bitcoin rose to as high as $10,584 and $10,550, respectively, but slide down to $6,400 and $3,600, after surpassing $10,000 in the following four weeks

Can Bitcoin break out of the feared cycle and begin a new bullish ride, asked market watchers The most compelling case for a breakout above $10,500 in the near term, which would kick-start a new bull market, is the ongoing consolidation of BTC at $9,500.

The term “consolidation” in trading refers to the price of a commodity declining gradually as brokers approach the market with alert. Continued consolidation just under a key level such as $10,000 for a moderately significant stretch of time demonstrates the likelihood of a breakout is expanding.

A major dealer known as Benjamin Blunts who predicted the $3,150 base of Bitcoin in 2018 said:

“When BTC finally does break out of this range it’s going to be explosive, I’d say $11k within 3 weeks and possibly $12k within a month.”

A bullish scenario for Bitcoin in the short-term. Source: Benjamin Blunts

A well-known Bitcoin options trader, Theta Seek mentioned a similar point. Looking at a different data set, the trader suggested that BTC is not likely to remain in the $9,000s for too long:

“Been seeing a lot of bearish tweets, but I think that this is the last 1-2 weeks that you’ll ever be able to buy BTC under $9k,”

Bitcoin Dropping to $6,000 ‘Golden Pocket’ Isn’t Bearish, Says Trader     

A classic Fibonacci retracement could land BTC/USD at $6,300 or lower and still not disturb the long-term trend. Bitcoin (BTC) could crash to $6,000 and still remain bullish, one trader claimed on June 26 as the largest cryptocurrency tested $9,000 support.

In a twitter analysis, the popular trader known as SteveCrypt0 offered an alternative to the bearish sentiment coming from markets this week.

Trader: $6K is “healthy correction”

With BTC/USD circling $9,200, analysts are broadly risk-off. Broad correlation with ailing stock markets has sparked multiple warnings that a failure to keep support at current levels could spell a fresh downturn.

For SteveCrypt0, however, even a worst-case scenario would not necessarily spell the end of the Bitcoin bull case. BTC/USD could hit $6,300 or even lower, he argued, and still retain its overall uptrend. The reason, he said, lies in the fact that a Fibonacci retracement level lies at $6,340.

“We could go as low as 6300 or even dip to 6k and still be bullish,” he commented.

“In fact, it would even be a healthy correction right into the golden pocket of the 0.618 Fib level.”

 

BTC/USD chart showing Fibonacci retracement levelBTC/USD chart showing Fibonacci retracement level

BTC/USD chart showing the Fibonacci retracement level. Source: SteveCrypt0/ Twitter

Bloomberg analyst, Mike Mcglone predicts that Bitcoin is set to break out like a caged bull to hit 13,000USD resistance

Bloomberg contends that Bitcoin is garnering for a major breakout as suggested by the narrowest ever Bollinger bands. Bloomberg is positive about Bitcoin as far as it remains above a key resistance level.

The current report by Bloomberg analyst, Mike Mcglone, contends that Bitcoin is consolidating. He speculates that due to the decreasing volatility, Bitcoin price Bollinger Bands are at its lowest point ever.

$6,500 — $13,000 critical range

In his opinion, Bitcoin is primming to break out of the upper resistance level of $13,000. At the same time, he says that it is critical that price does not fall below $6,500:

“Our graphic shows the upward sloping 260-day moving average on the crypto and bands that roughly marked 2019 high and 2020 low for guidance. By this measure, when Bitcoin exits its cage, about $13,000 is a good initial resistance target. Sustaining below the bottom band at about $6,500 would jeopardize the uptrend.”

Conclusion

The latest submission by analysts and traders and also the result of price analysis for the last one month trade suggests that the world-leading crypto giant will still be powering bullish.

 


All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.

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