Bitcoin Breaks Non-Linear Regression Line, A Strong Close Above to Trigger a “Full on Bull Market”
- Bitcoin will go above $10,000 before next weekend, Circle CEO Jeremy Allaire
- Crypto analyst red says BTC around $12,000 by the end of July
- Market sentiments in “Extreme Greed” that could result in FOMO or see a correction
The world’s top cryptocurrency is enjoying a bull rally of June month now as it surges to $9,391, recording new 2019 high. June is the third month in a row when Bitcoin registered great upward momentum. First, in April, we went from $4,000 to $5,000 and then in May, we hit first $6,000 then $8,000 and finally $9,000 levels.
However, during the end of May, we dropped down to just below $7,400 and are now on an uptrend, close to touching $9,400 that was last hit in May, 2018. At the time of writing, BTC/USD has been trading at $9,094 with 24 hours gains of 5.02 percent.
With this new high, Bitcoin breaks above the non-linear regression curve median line. According to crypto trader Moon Overlord, “a strong break and close above this would trigger a full on bull market.”
The last time the flagship cryptocurrency broke this line, it went from about $2,500 to $20,000 and a similar move this time, Moon Overlord says would put BTC around $60,000.
$BTC just traded new year highs.
Next major resistance levels: 9600, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon.
— Alex Krüger (@krugermacro) June 16, 2019
$10k Coming before Next weekend
In the long term, $60,000 could turn out to be a conservative target, however, according to Jeremy Allaire, co-founder and CEO of Circle, before next weekend, Bitcoin will go above $10,000.
Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.
— Jeremy Allaire (@jerallaire) June 15, 2019
This surge, according to Allaire is driven by Facebook’s Project Libra for its new cryptocurrency called GlobalCoin.
Spencer Bogart of Blockchain Capital explains that this has been the “most bullish external tailwinds for Bitcoin in 2019/2020” for the reasons that it eases the transition from fiat to digital assets and catalyzes the buildout of infrastructure to support digital assets.
For better or worse, Facebook’s crypto effort is among the most bullish external tailwinds for Bitcoin in 2019/2020 (topped only by reinvigorated push among central banks for easy-money globally)
— Spencer Bogart (@CremeDeLaCrypto) June 11, 2019
Meanwhile, crypto analyst Red shares that the price action of April 2018 and present day June 2019’s, shows similarities while the current price action being of greater degree but also involves a longer time span.
“Price is currently being developed around 2.5x in % terms, and taking 3x as long to do so. This would put BTC around $12,000 by the end of July!
Currently, the sentiments in the market are of “Extreme Greed.” Given the fact the crypto market behavior is very emotional, people tend to get greedy when the market is rising, resulting in FOMO.
While extreme fear is a sign that investors are worried and could be a buying opportunity, when investors are getting too greedy, that is an indication that the market could be due for a correction.
On a scale of 0 to 100, Zero means “Extreme Fear” and 100 means “Extreme Greed” and currently we are at 80 that is “Extreme Gree” from yesterday's “Greed” and last week’s “Fear.”
Bitcoin’s price is $31,554.11 BTC/USD exchange rate today. The real-time BTC market cap of $591.34 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $36.78 Billion and live coin value change of BTC -5.20 in the last 24 hours.