Bitcoin Going to “Explode Higher” if $BTC Price Manages to Break the “Enormous Sell Wall”
- BTC drops below $8k but Tuur Demeester of Adamant Capital says “we are now in a bull market”
- Could go ‘another leg higher’ but a short term consolidation is “healthy” for the market
Last weekend, Bitcoin has been trading around $6,330 and today it went to the highest level of $8,390 that is yet another 2019 high and the highest level BTC has seen in the last 10 months.
However, the leading cryptocurrency is struggling around $8,000 as it has been four days since BTC crossed this level and is still hovering around it. At the time of writing, BTC/USD has been trading at $7,800 with 24-hours of 0.65 percent while till date, in 2019, BTC has surged 117 percent.
BTC/USD chart, Source: TradingView
Meanwhile, the flagship cryptocurrency is managing the daily trading volume of $32.7 billion on Coinmarketcap and $1.6 billion as per Massari's Real 10, 24-hours volume.
“This is incredibly bullish long term to see this type of volume trading at these price points. Very short term it feels like we have gotten overextended here as BitMEX dotcom funding climbed to the highest level since last Nov yesterday,”
says crypto analyst Rptr 45.
Guys I hate to break it to you but the #bitcoin parabola is simply out of room.
We're going to have to attempt a warp jump through space and time to continue this.
Target $20k+, February 2019. pic.twitter.com/Vt9ppMTDEU
— moon (@MoonOverlord) May 16, 2019
We Are Now In Bull Market
The world’s top cryptocurrency is 2019’s best-performing asset that beats the traditional assets. In the month of May, however, bulls came charging at the full pace that is giving the signal that crypto winter has ended and the bull market has finally started.
Tuur Deemster of Adamant Capital who recently in his report stated that Bitcoin bottomed at $3,150 in December 2018 and is under heavy accumulation recently shared in an interview what the current rally means.
“I wasn't expecting the markets to recover so quickly. But I do think everything we have seen in the past weeks validates the thesis that we are now in a bull market. We moved from capitulation to accumulation.”
CNBC says pullback…
Upcoming Bitcoin pump officially confirmed https://t.co/TpOqzwpp3m
— Josh Rager 📈 (@Josh_Rager) May 16, 2019
This start of a bull market indicates we might be in for more gains as crypto analyst Magic Poop cannon says, if Bitcoin manages to get past the “enormous sell wall” at $8,400-$8,500 range, we are going to “explode” higher.
From here, BTC will be off to $10,000 level that
“would probably end up being a blow off top for this rally.”
Decent looking consolidation on the #bitcoin 4hr chart, looks like it wants to go on another leg higher.
— Bob Loukas (@BobLoukas) May 15, 2019
However, as Raptr45t points out, a short term consolidation here would be healthy for the market as we are already seeing BTC slowly backtracking. But it
“would continue to add on any and all pullbacks until there's a sign of a break of the trend (<$6K).”