Bitcoin Bulls May Get Another Chance At $10,000 As Crypto Market Shows Strength

Tony "The Bull" Severino

1 year ago

3 mins read

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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.

https://twitter.com/Josh_Rager/status/1137032965605744640

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

— ImNotTheWolf (@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

— Opportunity from chaos (@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.

— CrediBULL 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.

Ima all over $ltcbtc pic.twitter.com/8cIy6ea3qz

— filbfilb (@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…

be prepared for blast off #ltc #litecoin #bitcoin #btc #litecoinhalving @johnkim77 @cryptorecruitr @CryptoSavy1 @filbfilb @Josh_Rager @PeterLBrandt pic.twitter.com/PzxpYZFUzM

— master Ⓜ️🕸 (@MASTERBTCLTC) 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.

https://twitter.com/MoonOverlord/status/1136996709328982017?s=19

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.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.