Bitcoin (BTC) and crypto markets in general have grown in recent months, undergoing significant buying pressure that has allowed them to significantly exceed their lowest levels in 2018 that had been established in December latest.
Analysts now note that Bitcoin may soon increase, according to a historical analysis, which means that BTC could trade around $ 12,000 by the end of July.
Bitcoin climbs to $ 8,800 as Bulls soften their strengths
At the time of writing, Bitcoin is trading up nearly 5 percent at its current price of just under $ 8,800, a significant increase from its low daily levels of $ 8,380.
Over the past week, BTC has been under massive buying pressure which has pushed its price from $ 7,600 to its current level.
This movement is a sign of strength for crypto-money bulls, which may eventually help crypto-currency in the next parabolic race that allows it to climb, or even surpass its record highs.
Flood, a popular cryptocurrency analyst on Twitter, recently told its subscribers of nearly 70,000 followers that a break-even break above $ 8,000 would be a sign of a massive escape.
"No more carpets pull on Bitcoin, there are only treadmills … We are about to leave the range (8450-6800). Anything above 8800 will be a sign of a massive escape and liquidation of anyone who has a leverage greater than 20x, probably causing a cascading wick, "he said in a tweet. recent.
No more carpets are shooting on Bitcoin, only treadmills.$ BTC
We are about to leave the range (8450-6800). Anything above 8800 signals a massive escape and liquidation of anyone who has a leverage greater than 20x, probably causing a cascading wick. pic.twitter.com/BRLw5FOf1O
– Flood [BitMEX] (@ThinkingUSD) June 14, 2019
Analyst: If history repeats, BTC could soon trade at $ 12,000
Flood is not alone in its optimistic assessment of cryptocurrency, other renowned analysts hastening to note that strengthening the fundamentals and techniques could allow Bitcoin to significantly extend its current momentum.
Red, another popular analyst, recently noted that there is a striking similarity between the price action of BTC in April 2018 and its current price action, which could indicate that it will continue to rise until to reach $ 12,000 in the coming weeks.
"Comparison of the price action of April 2018 and the price action of today, June 2019. The second image shows that the price is currently in development, about 2.5 times in percentage and 3 times longer. That would give BTC about $ 12,000 by the end of July, "he said, referring to the graphs below.
Comparison of the price action of April 2018 and the price action of today, June 2019.
The second image shows that the price is currently in development, about 2.5 times in percentage and 3 times longer.
– red (@redxbt) June 14, 2019
As the month of June continues and the Bitcoin bulls continue to show their strength, it is not unreasonable to assume that crypto will soon enter the five-digit price zone, which could trigger a sharp rise .
Selected image of Shutterstock.