• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin price
Nexo Logo

Bitcoin Just Surged Past $9k: Here’s Why Analysts Think More Upside Is Imminent

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

After trading below $9,000 ever since the blow-off top on Wednesday, Bitcoin has been subject to a strong recovery over the past couple of days, culminating in a breakout seen this past hour.

The cryptocurrency, as of the time of this article’s writing, is trading for $9,150 — more than 9% higher than the post-rally lows of $8,400 and up approximately 4% in the past 24 hours. Yet BTC is still a few hundred dollars shy of the $9,500 top.

Bitcoin chart breakout past $9,000
Chart from TradingView.com

Bitcoin’s breakout comes in spite of a number of bearish signals the cryptocurrency has printed over the past few days: 1) a sell wall consisting of 1,000 Bitcoin — worth over $8 million — that on Saturday morning appeared on Binance, and 2) BTC’s GTI Global Strength Indicator moving past 70, suggesting exhaustion of the bull trend.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Has Room to Rally

The move past $9,000 is far from the end of the bullish trend, according to top analysts.

One well-known trader remarked that there is a strong confluence of reasons to be bullish on Bitcoin at the moment, even with the aforementioned bearish signals spotted on the charts:

  • The funding rate on BitMEX, which is the amount longs pay short, and the premium index, the difference people pay for Bitcoin on BitMEX vs. BTC’s index price, are “still negative.” This suggests longs are not yet overleveraged.
  • Bitcoin is trading above the yearly volume-weighted average price.
  • BTC is above the 200-day moving average.
  • The one-day Ichimoku Cloud has flipped bullish.
  • Bitcoin’s block reward halving is now only 10 days out.

Asserting how strong the current bull trend is, the trader added that while “you might not call and short THE top, you will save yourself a lot of potential headaches by just waiting for a break in the 1D market structure.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The optimism was echoed by other traders, like the one who shared the chart below, indicating that Bitcoin’s recent price action is eerily similar to that seen in August 2015, when the cryptocurrency saw a parabolic breakout from macro lows.

Should Bitcoin continue to follow this fractal to a T, it could hit $14,000 in approximately a week, which would line up with the Bitcoin halving and a subsequent sell-off spurred by miners dumping coins.

Long-Term Trend Also Shaping Positive

The long-term trend of the leading cryptocurrency is also starting to shape up to be positive.

In a research note on cryptocurrency published Thursday, David Grider — the lead digital strategist at Wall Street analysis firm Fundstrat Global Advisors — said that his firm is bullish on Bitcoin moving forward, specifically citing the halving as a positive catalyst:

“We’re bullish over the next 12 months and expect prices may continue moving up into the [halving] and possibly after.”

Marketwatch, which covered the note, suggested that Fundstrat sees the cryptocurrency nearly doubling in the coming 12 months to $14,350.

Photo by Olav Tvedt on Unsplash
Tags: bitcoin pricebtcusdbullishtechnical analysis
Tweet123Share236ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Can This Bitcoin Ratio Have Hints For A Bottom?

2 hours ago
bitcoin

Why Bitcoin Could Return To $28,000, But By The End Of 2022

23 hours ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

1 day ago
bitcoin bear

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

1 day ago
Bitcoin

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

1 day ago
Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Don’t Miss Out On Experts’ Top Crypto Picks! Gnox (GNOX), Algorand (ALGO) And VeChain (VET) Set To Lead Bullish Market

July 2, 2022

LBank Exchange Will List DEBT on July 5, 2022

July 2, 2022

LBank Exchange Will List Metavie Token (METAVIE) on July 5, 2022

July 2, 2022

Holon (HLN) Is Now Available for Trading on LBank Exchange

July 2, 2022

LBank Exchange Will List METAFASTEST (METAF) on July 1, 2022

July 2, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.