The saying goes, “what goes up, must come down.” Yet to everyone’s surprise, Bitcoin’s downside resilience despite an over 100% gain over the last few months of parabolic growth has continued to prevent the correction most analysts expect from ever occurring.
But now, as the crypto market is once again showing signs of strength, bulls appear to be gaining the upper hand. Should bulls be able to take the Bitcoin price above resistance at $8,200, the leading crypto by market cap should make another attempt at $9,000 and may finally revisit important bear market psychological resistance at $10,000.
Crypto Bulls Defend $7,000, Reclaim $8,000
Over the last couple of weeks, Bitcoin’s parabolic rally began to look like it was coming to an end, with the price of the cryptocurrency falling back below $8,000 for a local low around $7,400. After a strong bounce, resistance has turned support, and it could lead to Bitcoin price targeting $8,200, according to crypto analysts.
$BTC: Bullish Resistance Flips to Support
A close above current resistance will be a nice move for Bitcoin which could lead to a retest of the resistance in the $8200s
A break and close above $8200s would bullish for a further move up to high $8ks pic.twitter.com/Knvq5NFMKH
— Josh Rager 📈 (@Josh_Rager) June 7, 2019
A break above $8,200, according to analysts, would lead to further upward momentum. The break back above $8,000 has already sparked FOMO-driven “spot buying” on some exchanges, from traders who think this rocket has more fuel left.
So much spot buying. pic.twitter.com/NeQ1AukWk9
— wolf (@ImNotTheWolf) June 7, 2019
The FOMO could help take the price of Bitcoin closer toward $10,000 – a key rounded number that Tom Lee says will trigger a cascade of additional FOMO across the entire market.
$BTC chart update.. Still range bound between 7500 and 8000.
You'll know when we break out of this range for real, because we will be at 10K very quickly pic.twitter.com/hebVcbWkrQ
— cryptocomicon (@cryptocomicon) June 7, 2019
Not everyone is convinced by the bullish movement, but those unconvinced still agree that $8,200 is an important level that if reclaimed, will set the direction forward in the coming days.
I don’t think we will actually see 8.2k on $BTC. Meaning I think if we are to dump today we will fall just short of it. If we do hit 8.2k it opens the doors up for much higher imo.
— Credible Crypto (@CredibleCrypto) June 7, 2019
Altcoin Sentiment Could Be Propelling Bitcoin Price Higher
Sentiment is particularly bullish across the crypto landscape, as prominent traders and analysts gear up for the eventual “alt season” most are expecting to occur.
Since Bitcoin is closely tied to all other cryptocurrencies, simply through its market dominance and leadership position, or through BTC trading pairs altcoins are bound to, one segment of the crypto market often pulls the other one along with it for the ride.
This is typically the case – when Bitcoin rallies, so do alts, and vice-versa. In a rare occurrence, starting with Bitcoin’s break above $4,200, the two highly correlated crypto assets began to diverge, with altcoins falling to new lows while Bitcoin went on to set new local highs relative to its USD value.
But now that tables have turned and crypto investors have become increasingly bullish on altcoins. Litecoin in particular has been called a “no brainer” by some analysts, while others have issued a clear signal that Litecoin is a buy compared to Bitcoin.
— fil₿fil₿ (@filbfilb) June 7, 2019
Others, are telling crypto investors to be prepared for a “blast off” compared to what happened the last time Litecoin approached its halving.
This is what litecoin did 4 years ago before last halving…
— Master ⚡️ (@xtdisnkfe) June 7, 2019
It’s not just Litecoin causing crypto investors to become increasingly bullish on the crypto market as a whole. According to some crypto analysts, the altcoin market has been in the longest ever accumulation phase, which could be the perfect storm for the largest ever alt season.
Were now in one of the longest altcoin accumulation periods of all time
That means we could see the biggest altseason of all time soon 👀 pic.twitter.com/ixOiZaTHzh
— Moon Overlord (@MoonOverlord) June 7, 2019
Due to all of these bullish factors, it’s easy to see why the crypto markets have started to surge once again. With Litecoin leading the charge, and the rest of the altcoin market potentially pushing Bitcoin higher, the crypto market hype train is starting to board once again.