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Bitcoin (BTC) and the general crypto markets have been on the up-and-up over the past several months, incurring significant buying pressure that has allowed them to surge significantly from their 2018 lows that were mostly established in December of last year.
Now, analysts are noting that Bitcoin may soon surge higher based on a historical analysis, which means that BTC could be trading around $12,000 by the end of July.
Bitcoin Surges to $8,800 as Bulls Flex Their Strength
At the time of writing, Bitcoin is trading up nearly 5% at its current price of just below $8,800, up significantly from its daily lows of $8,380.
Over the past week, BTC has incurred massive buying pressure that has led its price to climb from lows of $7,600 to its current price levels.
This movement is a sign of strength for the cryptocurrency’s bulls, which may ultimately help lead the cryptocurrency into the next parabolic run that allows it to surge towards, or even past, its previously established all-time-highs.
Flood, a popular cryptocurrency analyst on Twitter, recently told his nearly 70k followers that a decisive break above $8,000 will signal a massive breakout.
“No more rug pulls on bitcoin, only magic carpet rides… We are close to leaving the range (8450-6800). Anything above 8800 will signal a massive breakout and liquidation of anyone short over 20x leverage most likely causing a cascading wick,” he explained in a recent tweet.
No more rug pulls on bitcoin, only magic carpet rides.$BTC
We are close to leaving the range (8450-6800). Anything above 8800 will signal a massive breakout and liquidation of anyone short over 20x leverage most likely causing a cascading wick. pic.twitter.com/BRLw5FOf1O
— Flood [BitMEX] (@ThinkingUSD) June 14, 2019
Analyst: If History Repeats, BTC May Soon Be Trading at $12,000
Flood is not alone in his bullish assessment of the cryptocurrency, as other prominent analysts are quick to note that strengthening fundamentals and technicals may allow Bitcoin to significantly extend its current upwards momentum.
Red, another popular analyst, recent noted that there is a striking similarity between BTC’s April of 2018 price action and its current price action, which may signal that it will continue surging until it reaches around $12,000 in the coming weeks.
“Comparison of April 2018 price action and present day June 2019 price action. Second image shows how price is currently being developed around 2.5x in % terms, and taking 3x as long to do so. This would put $BTC around $12,000 by the end of July,” he explained while referencing the below charts.
Comparison of April 2018 price action and present day June 2019 price action.
Second image shows how price is currently being developed around 2.5x in % terms, and taking 3x as long to do so.
This would put $BTC around $12,000 by the end of July! pic.twitter.com/S7EZYwqZ0M
— red (@redxbt) June 14, 2019
As the month of June continues on and Bitcoin’s bulls continue to showcase their strength, it is not unreasonable to assume that the crypto will soon break into the five figure price region, which may spark the next massive bull run.
Featured image from Shutterstock.
