Bitcoin Bears on the Brink of Extinction? Trader says $14,200 Last Resistance on Way to New ATH
- Possible 3 drives to all-time high inbound – trader Moon Overlord
- After price passes $14,200 there isn't a lot standing in the way to new all-time highs – trader Josh Rager
- Yet another day with solid greens!
Today, Bitcoin jumped to a new high of 2019 as it climbed up to just shy of touching $13,000 at $12,935. Since April, we are having a green party but this month it took a big leap by moving straight upwards, not taking a breather before breaching one level after another.
At the time of writing, BTC/USD has been trading at $12,923 with 24 hours gains of 13.60 percent. The trading volume is also looking good at $3.12 billion, per Messari’s Real 10, 24 hours volume.
The flagship cryptocurrency is enjoying a wild ride, having surged 40 percent in just 7 days and 221 percent in the past 90 days. We are also very close to recovering the 85 percent crash we experienced in 2018, a surge of 36 percent is all we need.
Let’s make a New All-Time High
The upward trajectory Bitcoin is seeing has the bears move not just into hibernation but as popular crypto trader, Moon Overlord says, they might as well have gone extinct.
According to him, we could possibly have a bullish three drives pattern that will take us to the all-time high at $20,000. By this pattern, the first drive would have been printed during the May rally and the second one is the ongoing explosion we are currently seeing. Per the nebulas arrow drawn by him, the third pattern will be formed around August that will have us make a new all-time high.
Sooner or later Bitcoin will be making a new high and with the way things are going, we would hit it by this year end. We have already breached $10,000 that Bitcoin bull and Fundstrat’s Tom Lee called the FOMO level and since hitting it last week, we have only gone upwards but faster.
Not Much Far to Go, Just One Crucial Level to Smash through
The FOMO has surely triggered and people are hoping for a pullback to buy the dip and join this rally to the moon. However, well-known crypto trader and investor Josh Rager says talk it all you want but “not much is stopping Bitcoin from ripping up to $13k+.”
As previously reported, Rager called for the $13,500 level at $11k and we are very close to touching it. As for a retracement, it’s hard to know what will BTC do now as it is working on its own pace, not giving any signs of stopping.
We are less than 5 days away from ending this bullish month and the weekly chart is still looking good.
Moving up further, once we pass $14,200 level, things will get even crazier as Rager says “there isn't a lot standing in the way to new all-time highs.” Trying to stop this force or short it would only mean standing in front of a moving train waiting to get crushed.
Bitcoin’s price is $33,947.08 BTC/USD exchange rate today. The real-time BTC market cap of $636.23 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $26.11 Billion and live coin value change of BTC -1.18 in the last 24 hours.