Bitcoin Forming a Bullish Pattern, Are we in another ‘10 best days’ for BTC?
- BTC forming a falling wedge, we can see $10,000 before July while $12k still in play
- Could we be in another ‘10 best days’ for Bitcoin?
Today, Bitcoin is showing off some greens as we yet again crosses $8,000 mark briefly. Towards the end of last week, we had started going upwards going above $8,000 on June 7th but only to drop back down to about $7,450 level.
Now, after the red weekend, BTC/USD has turned green 2.46 percent in the past 24 hours as it trades at $7,940, at the time of writing. Meanwhile, it is managing the daily trading volume of $861 million per Messari’s Real 10, 24 hours volume and $18.8 billion according to the data provided by Coinmarketcap.
As we reported, experts are expecting a retracement of about 30 percent that could take us as low as $5,500 but a level below this is now expected to be out of the picture.
However, as the price moves up yet again above $8,000, we just might see another leg up as trader Credible Crypto says,
“I am watching for a rejection at 8.5-8.6k, and then interested in longing the retest of the RED BLOCK at 8k. Not interested in longing unless this happens.”
According to crypto analyst, The Cryptomist, Bitcoin might be forming a falling wedge which she says is bullish. This wedge, she says won’t break until mid July that could very well lead us to $10,000.
Premature to state right now
Not my leading bias but something I'm watching
BUT WE MAY HAVE A FALLING WEDGE FORMING! (This is bullish)
If this is accurate then, 7.1k region is the lowest we should have a daily close
Wedge break no later than mid July – Break leads to 10k pic.twitter.com/Tk2MMoZ9jm
— The Cryptomist (@TheCryptomist) June 10, 2019
Tom Lee’s Ten days Theory
Meanwhile, Bitcoin Bull Tom Lee of Fundstrat wonders out loud if we are in those ten days that mark the gaining days just like we saw in April and May.
“Is today another ‘10 best days’ for BTC Bitcoin? Especially given how so many have pointed out ‘bearish’ technical formations over the past few days…”
According to Lee’s top 10 days theory, historically, all of Bitcoin’s annual gains are achieved on these best 10 trading days of the year.
On taking out these 10 days, Bitcoin is down 25 percent a year. That’s when he had said that the move from $8k to well above last time’s all-time high (ATH) would only take a handful of days.
“Historically, 10 days comprise all the performance in any single year of Bitcoin’s price,” Lee said.
— Galaxy (@galaxyBTC) June 10, 2019
However, as analyst Galaxy points out, $12k is still in play and once we make a proper and healthy retracement, we are first going to $10k from where as Lee had recently put it FOMO will drive prices higher.