Bitcoin (BTC) Jumps Above $8,300, Analyst Projecting a Slow June But Explosive July
- Bitcoin currently sitting above the 7-year trendline
- Horizontal resistance and channel resistance officially flipped to support
- We are in a rising wedge, bull signal everywhere
- Bitcoin network hash rate reaches its highest level ever
Bitcoin is back on the move after hitting $7,500 on June 10th. On June 12th, we went above $8,000 and then yesterday, we climbed to $8,330 level. Now, we are staying above $8,200 as BTC/USD trades at $8,349 with 24 hours gains of 3.05 percent.
While the price is moving up, Real 10 volume is still steady at $752 million.
According to the crypto trader and investor Josh Rager, Bitcoin is looking bullish as horizontal resistance and channel resistance seems to have officially flipped to support. Now, Rager says Bitcoin can very easily push up and challenge $8,550s.
In another analysis shared by Rager, Bitcoin is currently sitting above the 7-year trendline that has broken only once as support in November 2018 when BTC price crashed from $6,000 level.
In April, Bitcoin reclaimed support above the trendline and if BTC can hold above $7,200, Rager says, the leading cryptocurrency looks bullish for continuation.
This trendline is what will take the flagship cryptocurrency to a trillion dollar market cap and that is reasons people want to HODL Bitcoin as a store of value rather than spend it on mundane things like pizza.
“People would rather hodl BTC than spend. I don't blame them. pizza only lasts a while. bitcoin lasts forever,” states @nsquaredcrypto.
Slow June, EXPLOSIVE JULY!
Meanwhile, crypto trader Jonny Moe shares the future bitcoin possibility that could see us fall out of the rising wedge, that would trigger the early head and shoulders shorts resulting in “squeeze 'em back up.”
Crypto community seems to be bullish currently to the most as analyst The Cryptomist reiterates her bias of a slow June and explosive July.
Cryptomist says the rising wedge on the 1 hours time frame leads to a larger resistance is the affirmation of the largest falling wedge. This has her target set in $8,350 region and bitcoin is very close to her target. From here, she sees us going back to the $7.3k region only to take the route to $10k.
Time to pay attention.
If we break the blue line it's bye-bye bears, hello 9K. pic.twitter.com/z7VqeNtb0M
— Galaxy (@galaxyBTC) June 13, 2019
Just like the surge in Bitcoin price, the past week also has the Bitcoin network hash rate reaching its highest level ever. The network hash rate that follows the price fell down in the latter half of the 2018 and then in 2019, the trend reversed as the hash rate began its record rise.