Bitcoin Explodes to New 2019 High, Bullish Engulfing Candle Scream Continued Uptrend

  • Bitcoin hits a new 2019 high at $9,391
  • Analysts turn bullish, we could see $12k from here
  • Bitcoin surpassing 1 million active addresses, last hit in November 2017 which is “very bullish”

Bitcoin is being ridden by bulls as the leading cryptocurrency makes a new high of 2019 at $9,391, a level that was last hit in late April. After the monster rally of May when Bitcoin surged 60 percent, the market seems to be ready for yet another rally that is aiming for $10k.

Since going below $7,400 on June 4th, Bitcoin has been only surging upwards which further took charge during the weekend.

What’s interesting about the 2019 rallies registered in early April and May is that, unlike the previous times when weekends used to be inactive ones, now have been registering a good chunk of these surges.

At the time of writing, BTC/USD has been trading at $9,108 with 24 hours gains of 4.56 percent. The trading volume has also started seeing an increase, according to Coinmarketcap, Bitcoin is managing the daily trading volume of $18.7 billion while per Messari’s Real 24 hours volume, it is recording $1.3 billion.

Get Ready for New Yearly Highs

Crypto trader and investor, Josh Rager in his latest analysis points how Bitcoin weekly has a “bullish engulfing” candle which means we can very well have a continued uptrend now.

Rager shares how during the last bull cycle a strong uptrend followed by pullback with a bullish engulfing candle led to a continued uptrend. Now, the current uptrend is showing similar patterns.

Per the nebulas arrow in the chart shared by Rager, we could go as high as $12,000 this time.

The surge of more than $1,000 in Bitcoin price over the last two days has BTC dominance rising up 2 percent in these two days that is currently at 59 percent. If this dominance breaks over 60 percent, this will be bullish for bitcoin holders but not so much for the altcoins.

Analysts are increasingly turning bullish with the latest addition being Magic Poop Cannon who see Bitcoin surpassing $10,000 as soon as in the next few weeks. From here, he says, as there are virtually no sell orders above $10,000, the sky's the limit. However, according to him, the rally above this level likely to be capped off at around $13,500.

This surge in the price of the leading cryptocurrency could be all thanks to the Binance’s US ban along with other exchanges like Bittrex delisting altcoins. This has moved people into Bitcoin and major market capitalization coins.

Another bullish driver has been Bitcoin surpassing 1 million active addresses that were last hit on November 27, 2017. While the last time we hit this BTC was at $9,352 and the median transaction fee at $3.23, this time, Bitcoin has been at $8,230 and median tx fee at $1.33. As economist and trader Alex Kruger puts it:

“Bitcoin's daily active addresses are a proxy for users, which can be used to value bitcoin by means of Metcalfe’s Law => the value of a network is proportional to the square of the number of users. This is very bullish.”

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