2019-6-14 22:30 |
Bitcoin’s market fluctuations have set the market abuzz again after breaching the $8000 mark on June 12. En-route this mark, it was discovered that the world’s largest cryptocurrency broke above its previous 2-week resistance and was heading to set a much higher resistance.
This was noted by Josh Rager, a popular cryptocurrency trader and advisor, who stated that Bitcoin was testing the $8200 mark, while holding down at the top of the price channel. Rager predicted,
“If $BTC can break this channel, it’s heading to at least $8550 with eyes on $8700 and above.”
Source: Twitter
At press time, Bitcoin was trading for $8121.86 after a steady 48-hour surge pulled the price from from $7630.69. The coin had a market cap of $143.95 billion, with a 24-hour trading volume of $17.95 billion. According to Rager, if Bitcoin breaks the $8248.9 resistance, then there exists the possibility of a much higher future resistance. On the opposite end of the spectrum, if the cryptocurrency closes below $7603.94, then there will be a bearish trend reversal. Seeing the analysis, JohnyQi, a Bitcoin enthusiast, commented,
“I could see this coming. All IEO coins started dropping a few hours ago, while BTC was pushing up the resistance. Just didn’t react on it on time”
Rager is not the only crypto bigwig who has high hopes for Bitcoin. He was joined by Fundstrat’s Tom Lee who stated that the cryptocurrency could soar to $40,000, if it breaches the $10,000 mark. He added,
“Cryptocurrency’s value comes from network value and adoption. The number of holders of crypto wallets are tiny today, when compared to Visa and Mastercard and I think there’s a lot of upside.”
According to Lee, BTC also has the option to pump by 200 or 400 percent, if the coin’s FOMO levels are breached.
The post Bitcoin breaks its 2-week resistance; sets sail for $8500 – $8700 appeared first on AMBCrypto.
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