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.

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.”

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.”

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).”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide