THELOGICALINDIAN - For the third time in the accomplished year Bitcoin saw a able bounce at the 10500 amount point on June 2nd
Per a antecedent address from Bitcoinist published June 2nd, the arch cryptocurrency bashed by $1,500 in actually three account on BitMEX. At its worse, the changeabout meant that Bitcoin was bottomward to $8,600 from the $10,450 highs, which resulted in over $100 actor account of continued positions actuality asleep on BitMEX alone.
Many anon took the move as a agonizing assurance as to whats’ to appear for the cryptocurrency market: $10,500 apparent the highs of the assemblage in October and the one that concluded this February. Each time, prices bootless to canyon BTC, again crashes followed.
But alike in the face of the rejection, analysts are still optimistic about what comes abutting for Bitcoin.
Bitcoin Still Poised to Rally Towards $14,000.
Since the $2,000 drop, Bitcoin has jumped $1,200 higher. The asset now trades at $9,800, accumulation in the $9,000s aloof canicule on from the blast that occurred. BTC charcoal beneath the $10,450 high, but the animation aback abreast the bounded highs accept been welcomed.
One banker aggregate the angel beneath on June 5th, writing that the asset is assertive to see “more downside.”
What is actuality depicted is Bitcoin’s macro amount activity but inversed; antagonism is a tactic generally acclimated by traders to “eliminate bias” from their analysis.
According to the trader’s assay of the inversed chart, Bitcoin is able to assemblage aback to the 2024 annual highs of $14,000 in the advancing weeks.
The aforementioned banker added indicated his bullish affect in addition analysis.
He said that as continued as Bitcoin holds $9,600, which he apparent as a notable akin on a concise perspective, he sees “no acumen why 11k would not be next.”
Technical Trends Are Suggestive of Upside
There are added trends evocative of added upside.
As reported by Bitcoinist previously, an analyst begin that Bitcoin’s contempo amount activity looks eerily agnate to that apparent at the balance of 2019’s balderdash trend. The balance preceded assets of about 80%.
Bloomberg analyst Mike McGlone is analogously assured upside. He wrote in a contempo report that a abstruse confluence, accompanying with absolute axiological factors such as the halving and Grayscale affairs BTC, shows that $20,000 is acceptable for the cryptocurrency this year.
