Bitcoin’s bulls are currently rejoicing after Bitcoin surged to fresh 2019 highs above $11k after a sudden influx of buying pressure sent BTC skyrocketing past resistance at $10k and firmly solidifying its newfound position within the five-figure price region.
This upwards momentum is certainly emblematic of bull markets seen in years past, and it appears to be highly probable that further gains are in store for the cryptocurrency, with some analysts setting targets of $93k for BTC.
Bitcoin Price Skyrockets Past $11k, But Incurs Some Selling Pressure
At the time of writing, Bitcoin is trading up over 10% at its current price of $10,830 and is up significantly from 24-hour lows of $9,800.
The past day has been quite a wild one for BTC, as it slowly climbed up towards $9,900 yesterday before quickly incurring a massive influx of buying pressure that allowed it to surge past resistance at the psychologically important $10,000 level.
As soon as it broke above $10,000, the buying pressure ramped up and led it significantly higher, as it ran as high as $11,200 before incurring some selling pressure that sent it down to its current prices.
Josh Rager, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that $11,700 is a key level that traders should watch in the near-term, as a break above this price would lead it significantly higher.
“If you like $BTC at $10k than you’re really going to love when BTC closes above $11,700… And resumes running through every resistance in its path to new all-time highs. Nothing sensational about this just look at the chart. Little will stand in the way besides profit taking,” he explained.
If you like $BTC at $10k than you're really going to love when BTC closes above $11,700…
And resumes running through every resistance in its path to new all-time highs
Nothing sensational about this just look at the chart
Little will stand in the way besides profit taking
— Josh Rager ? (@Josh_Rager) June 22, 2019
BTC Could Surge Towards $93k in the Near-Future
Assuming Bitcoin’s price is able to break above $11,700 in the near-future, it may continue surging significantly higher before it slows down.
Mr. Anderson, a popular cryptocurrency analyst on Twitter, explained that Bitcoin’s previous parabolic cycles point to the possibility that it will surge towards $93k next.
“#BTC Parabolic Cycles show a potential path to $93k. In trading, History doesn’t repeat, but, it does often rhyme & $BTC it has always advanced in one way: PARABOLIC. Let’s take a look at what a true Parabolic cycle from $3100 could look like,” he said while referring to the below charts.
#BTC Parabolic Cycles show a potential path to $93k
In trading, History doesn't repeat, but, it does often rhyme & $BTC it has always advanced in one way: PARABOLIC
Let's take a look at what a true Parabolic cycle from $3100 could look like. pic.twitter.com/Z4u6nyAt1Z
— Mr. Anderson (@TrueCrypto28) June 21, 2019
As the weekend trading session kick off and Bitcoin continues to react to its newfound position within the five-figure price region, traders will likely soon garner greater insight into which direction it will head next.
Featured image from Shutterstock.
