Bitcoin astounds again – Testing $9,000, share up to 61% - What’s next? Forex Trading News
History has already ruled once on Bitcoin’s asymptotic slope to higher realms, as analysts quickly draw comparisons to times gone by in 2017. The middle “Red” line is set at $8,300, a significant point of resistance that was established last August, and the top “Red” line is, you guessed it, pegged at $10,000, a nice target, but also another one of those tough-to-get-by levels in the Bitcoin sky that resonated in May of 2018. Most every analyst known to man, including a few harsh critics, has accepted that a true bottom was formed in December and that Crypto Winter had finally come to a close.
Before this past weekend, one pundit foresaw the way forward: “According to one prominent crypto analyst, the indecision has caused Bitcoin price to form a symmetrical triangle… According to Bullkowksi’s The Pattern Site, a symmetrical triangle breaks upward 60% of the time, after it reaches roughly 73% of its way toward the triangle apex… in this case, a continuation to the upside and an attempt at $10,000.” Comments from the analyst community are all over the map, some expecting a major pullback, others warning of gravity, while a few reference the Bitcoin “halvening” event scheduled for May of 2020. Here are a few comments from the more thought out ones:
Well recognized cryptocurrency trader and investor Josh Rager: “The average gain after a 30%+ pullback was over 153% profit before the next strong pullback”;
Cred, an alias for a famous cryptocurrency analyst: “I have no reason to turn bearish yet – even if this range breaks down I’ll be a buyer at mid 6,000s (where we last wicked).
A breakout would take us to roughly $10,000”;
Preston Byrne, one of the partners at New York-based Byrne Storm: “If the looming bubble should spin wildly out of control, here’s a timely and healthy reminder to investors to keep their wits about them, don’t propose that a new paradigm is upon us, and be mindful of gravity;”
Tony Vays, a derivative trader: “I’ve been expecting my massive pullback for weeks. But if this bull run continues closer to the halving hype, then there may not be a significant pullback, and the halving hype can drive Bitcoin into yet another bubble.” The only questions from them is when and how large will the pullback be, but, to paraphrase one analyst’s quip, keep your wits about you and be mindful of gravity.
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$ 63518
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