Will Bitcoin (BTC) Surge Past $8,500 in 36 Hours?

Will Bitcoin (BTC) Surge Past $8,500 in 36 Hours?

 
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Latest Bitcoin (BTC) News

From market sentiment, the crypto sphere is hot and cold. With varying sentiment and regulation to factor in, investors are at times at the edge. Will they fall? Will the ledge hold until when the ideal “stability” permeates back? Well, Bitcoin is no doubt superior. It is global, cheap and above all, its level of distribution and decentralization mean it is premier money that is censor resistant. That is where its value proposition lies. But, as it is, even with an impressive performance in the last few weeks, the market needs confirmation.

Willy Loo, a Bitcoin and cryptoanalyst, took it upon himself to pick the mind of the world’s leading cryptoanalysts and seasoned investors. Thankfully, from the results, most are reading from the same page, agreeing that despite last year’s perpendicular fall, the crypto winter is over and it is right about time for prices to soar higher, shaking off bears.

Of the many inputs were from Jesse Powell, the founder of crypto exchange Kraken and Erik Voorhees of ShapeShift who believe there is an 85 percent chance that Bitcoin is bottoming up and could print better prices in weeks ahead. Although Peter Brandt, an experienced technical analyst, was optimistic of a recovery saying BTC had a 50 percent chance of ballooning to $50k, he was also cautious saying there is a 25 percent chance of prices tanking back to zero.

BTC/USD Price Analysis

At spot rates, Bitcoin (BTC) is up 13.9 percent in the last week but down 1.9 percent in the last day. Even so, bulls are back and we need not look far than from price action. After prices tanked on May 17th with a double bar bear reversal pattern printing correcting the over-extension of Ma7 11-15th, prices snapped back to trend.

Encouragingly, accompanying this bounce were high transaction volumes and a single wide-ranging bull bar wiping our losses and steading bulls. This was largely expected and in a bullish breakout pattern, the dip is indeed another buying opportunity now that prices did find support from the 61.8 percent Fibonacci retracement pattern of the May 2019 leg up.

Although there is a chance for buyers who can ramp up in line with our previous BTC/USD trade plans, it is ideal that prices rally and break above $8,500 sell wall. Not only is $8,500 our first target but a strong liquidation level last retested in mid-July, a weeks before price slumps of Q3-4 2018.

Therefore, if anything, it is imperative for prices to close above this mark as it will no doubt open doors for $10k, $15k and even the clearing of 2017 peaks of $20k more so if there is approval of a VanEck and Solid X Bitcoin ETF approval by the SEC by close of May 21st.

All Charts Courtesy of Trading View—CoinBase

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.