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Although Bitcoin faced some levels of downwards pressure earlier this week, it has since been able to recover and appears to be continuing to extend the upwards momentum it has incurred over the past several weeks.
Now, Bitcoin is only a stone’s throw away from setting fresh year-to-date highs, and one analyst is quick to note that it may soon surge past the important resistance level around $9,000, assuming it is able to continue climbing past $8,800.
Bitcoin Finds Strong Support in Lower $8,000 Region
At the time of writing, Bitcoin is trading up over 2% at its current price of $8,715 and is only down slightly from its daily highs of $8,800, which were set earlier today.
It is important to note that BTC is up significantly from its recent lows of just below $8,200 which were set earlier this week after the cryptocurrency rapidly surged towards $9,000 before it incurred significant selling pressure that sent it reeling lower.
It now appears that Bitcoin’s next key level of resistance remains in the $8,800 region, and a break above this level could lead to an influx of buying pressure that sends it surging to fresh year-to-date highs.
Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of a break above the $8,800 region in a recent tweet, noting that BTC may soon surge into the mid-$9,000 region.
“$BTC bullish price action: Bitcoin held support at $8530 and pushed past the previous resistance at $8731. Next target break above $8846 and Bitcoin is off to mid $9ks. Long term trendline from May has held as support (dotted line) watch this to hold as support moving forward,” Rager noted.
https://twitter.com/Josh_Rager/status/1135162104695132160
Assuming that Rager’s assessment of Bitcoin’s future price action is accurate, the cryptocurrency may soon see fresh year-to-date highs as the new week kicks into gear.
Prominent Analyst: BTC Likely to Surge Towards $9,300 Next
Rager is not alone in his bullish assessment of Bitcoin, as another prominent analyst also believes that the crypto may soon surge past $9,000.
Peter Brandt, a prominent analyst who covers a wide variety of assets, discussed BTC in a recent tweet, noting that his initial target for the crypto exists at just above $9,300.
“$BTC appears to be stabilizing after the 12% break on Thursday. I am willing to dip by toes back in the water,” he noted earlier this week.
$BTC appears to be stabilizing after the 12% break on Thursday. I am willing to dip by toes back in the water. pic.twitter.com/wjoPKfY34c
— The Factor Report (@PeterLBrandt) May 31, 2019
Although it does remain unclear as to whether or not Bitcoin’s tepid climb towards $8,800 will carry any significance as the fresh week begins, when considering the consensus amongst prominent analysts regarding Bitcoin’s current bullishness, it appears to be highly probable that further gains are imminent.
Featured image from Shutterstock.
