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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 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 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.
#Bitcoin heating up for $10K pic.twitter.com/34jIuCocJY
— Rand Group (@randgroup) May 19, 2019
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 we’re going to go above ten thousand before we see a correction. Because these guys are going to be squeezed out. We haven’t seen the pain yet. We have not seen them cover. They have to cover, and when they cover, they buy bitcoin.”
Bitcoin’s 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
