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Bitcoin (BTC) is currently taking a breath and trading sideways after incurring massive buying pressure over the past couple of days that sent it surging into the $9,000 region, where it set fresh year-to-date highs.
This upwards momentum confirms that Bitcoin is currently in a firm uptrend, and analysts are now noting that the cryptocurrency could surge significantly higher in the near future, based on a historical analysis.
Bitcoin Stabilizes in Lower-$9,000 After Recent Surge
At the time of writing, Bitcoin is trading up 2% at its current price of just below $9,300, up significantly from 24-hour lows of roughly $8,800.
While looking at BTC over a one-week period, it becomes abundantly clear that the cryptocurrency’s bulls are currently in full control, as it has been able to surge from lows of $7,800 to highs of over $9,300.
This upwards momentum marks a significant extension of the buying pressure that Bitcoin first incurred in early-April when it was trading at $4,000.
As for where this upwards momentum could lead BTC in the near future, it now appears that the next two major levels of resistance exist at $9,500 and $11,500.
DonAlt, a popular cryptocurrency analyst on Twitter, spoke about these aforementioned levels of resistance in a recent tweet, also noting that although BTC could dip to $8,000, significant buying pressure currently exists below that price level.
“$BTC weekly update: Strong weekly close engulfing the price action of last week. The only two significant resistances left are ~9500 and ~11500. A potential buy the dip area is ~8000. Loads of support below. Next support: 8000-8400 Next resistance: 9350-9550,” he explained.
$BTC weekly update:
Strong weekly close engulfing the price action of last week.
The only two significant resistances left are ~9500 and ~11500.
A potential buy the dip area is ~8000.
Loads of support below.Next support: 8000-8400
Next resistance: 9350-9550 pic.twitter.com/zJtfyoun2F— DonAlt (@DonAlt) June 17, 2019
Analyst: BTC Could Surge Towards $62k This Year… If History Rhymes…
Although theories regarding any massive parabolic movements in the near-future remain purely speculative, one prominent analyst is now noting that Bitcoin could surge to above $60k based on historical price movements, which could happen as soon as Fall of this year.
Galaxy, another popular analyst on Twitter, discussed this possibility in a recent tweet to his over 50k followers, noting that 2017 had a candle formation similar to one that BTC just formed, which was closely followed by a 570% price increase over a 147-day time-frame.
“Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days. Another similar price increase puts BTC price at ≈$62K by the end of October 2019,” he noted while referencing the below chart.
Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.
Another similar price increase puts BTC price at ≈$62K by the end of October 2019. #bitcoin $BTC pic.twitter.com/M7NkHthY2M
— Galaxy (@galaxyBTC) June 17, 2019
As the week continues on and analysts continue to watch how Bitcoin responds to its newfound position within the $9,000 region, it is likely that investors will begin to understand whether or not another parabolic price movement is truly imminent.
Featured image from Shutterstock.
