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The correction that never existed is still cleared. The bears were beaten and the withdrawal predicted by Bitcoin was thwarted a second time in as many weeks.
A number of failures to break the resistance at $ 8,300 sent Bitcoin on a fallback trajectory that many were expecting to see end in the $ 6,000 somewhere. But for the second time in as many weeks, the correction was corrected and the BTC rebounded.
According to Tradvingview.com, the price of bitcoin reached a low of $ 7,470 a few hours ago before turning back and up. During today's Asian trading session, BTC returned to $ 7,850, adding 5% over the day.
$ 10K in two weeks
Things are still very optimistic for BTC / USD 00 and if the trend continues on its current trajectory, it could well be five digits as soon as next month. Tuur Demeester, a Bitcoin economist and founding partner at Adamant Capital, took a look at the graphs and mapped the bullish scenario of the parable.
A short-term bullish scenario for Bitcoin
HT @INXLimited pic.twitter.com/3QSzk9R48R– Tuur Demeester (@TuurDemeester) May 23, 2019
If this scenario were maintained, BTC would reach $ 10,000 by early June. Given the fact that Bitcoin did not fall to $ 6,000 after several attempts, it would be fair to say that the path of least resistance is that of the rise.
What about a BTC withdrawal?
A few days ago Bitcoinist reported on the probability of a 30% withdrawal. This scenario has been repeated several times in previous market cycles and should therefore be repeated. Based on current prices, dumping of this magnitude would bring the BTC back to the middle of the $ 5,000 mark. Trader and analyst Josh Rager highlighted that the corrections made in a bull market were very profitable;
$ BTC: Rewards purchase withdrawals. Previously examined how Bitcoin had often experienced declines of more than 30% during the last uptrend. But we have not explained how the purchase of these withdrawals can yield returns. The average gain after a decline of more than 30% was a profit of more than 153% before the next major downturn.
Basically, however, things could not be better. The number of major players interested in crypto-cryptography is increasing day by day. Just yesterday, telecommunications giant AT & T announced that it would accept bitcoin as a method of paying bills. Facebook has also announced the launch of its new digital currency, "GlobalCoin".
Anthony Pompliano, co-founder and partner of Morgan Creek Digital, recently listed some of the big names who are now investing in cryptography;
Those who build and invest in crypto:
– Fidelity
– Nasdaq
– NYSE
– Yale
– Harvard
– Fairfax County Pension
– Founders' Fund
Union Square
– Amazon
– JP Morgan
– Starbucks
– a16z
– IBMWill you bet against the best performing companies and investors in the world?
– Pomp (@APompliano) May 22, 2019
All of this is good for Bitcoin, which seems to be bullet-proof at the moment. Five figures is not far.
Will Bitcoin reach $ 10,000 in June? Add your thoughts below.
Pictures via Shutterstock
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