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After a minor hiccup, the bitcoin price is looking to resume its rally with a 3.37-percent surge this Sunday.
The BTC/USD instrument was trading at $5,179, according to price average calculated by CoinMarket.com at 0910 UTC. Earlier on Friday, the pair had corrected lower to test $4,849 as potential support. The area saw buying orders outrunning the selling ones, indicating that a majority of investors were in no mood to exit the bitcoin rally on an interim session profit. On the contrary, they were speculating on an extended bull run – just like the one that took place on April 2 and 3.
Bitcoin Acculumation Period Near
Josh Rager, a cryptocurrency analyst with close to 29.4k followers, said the bitcoin price was going to trend as high as $150,000 by the end of July 2023. The trader studied the cryptocurrency’s earlier peak cycles, formed between 2014 and 2017 and each testing a new higher high. He later applied time-and-gains economics to predict the next potential peak, which resulted in $150,000.
Rager also defined levels that bitcoin would need to break to establish a long-term bullish momentum. It would, of course, happen when traders would feel comfortable in accumulating bitcoins upon a particular stage. Rager identified such buying sentiments by using two metrics: the 100-weekly moving average and the 200-weekly moving average. He stated:
“[In the] previous bear market, Bitcoin accumulated under the 100 MA & supported by the 200 MA. Similar accumulation could happen with 200 MA with the next uptrend starting after breaking above 100 MA. One possible scenario to observe [the] next few months.”
https://twitter.com/Josh_Rager/status/1114541769507708928
A Sharp Pullback
Rager’s comments followed when the bitcoin price had already jumped its 100-weekly moving average resistance. On the whole, the market appeared inclined towards $6,000 as their near-term target. Before the Bitcoin Cash hard fork spoiled the party, the bitcoin price was comfortably trending above the said level – and was even called the bottom by many crypto bigwigs, including Fundstrat’s Thomas Lee and Galaxy Digital’s Mike Novogratz.
It became likely for bitcoin bulls to reclaim $6,000 to reinject confidence in the market. At the same time, a mere rejection at the said level held power to push bitcoin back below where it is trading at press time.
https://www.youtube.com/watch?v=opegcvgHkIU
Twitterati Crypto Michaël, a full-time trader at Amsterdam Stock Exchange, said bitcoin upside could face rejection in the near-term, leading to a drop. However, he supported Rager’s bullish views in the long-term, just differing with him when it came to the point of accumulation.
“Up to $6,000 to touch resistance briefly and then back down for new support (probably $4,200 – that’s why I don’t expect $4,200 to be tested now) and then this is most likely same yeah.”
