Bitcoin’s Old Highs Just a Few FOMO Days Away
- With BTC acting “very differently” since crossing 200 days moving average, Fundstrat’s Tom Lee says, the best strategy is to “stay long”
- Max Keiser says hardly any sell between here and $28,000 and “$100,000 target first predicted in 2011 still in place”
The leading cryptocurrency has been behaving extremely bullish for the past three months. First, in April, we went from $4,000 to $5,000 and then the whopping 60 percent returns in May where we broke through one after other resistance as we climb to $9,100.
Now, we are in June that might not have started on a good note but soon turned bullish as we made 13 months high at just below $9,400. At the time of writing, BTC/USD has been trading at $9,305 with 24 hours gains of about 1.53 percent on Bitstamp.
Talking about the current development the flagship cryptocurrency is seeing, crypto trader and investor, Josh Rager says Bitcoin marks a strong weekly close.
Bitcoin has been “extremely bullish” there is no doubt about that but moving forward he says, we would foresee a test of the major resistance between $9,500 to $9,600 region.
Though the typical take profit area is at $9,532, 0.382 fib, he warned that last time everyone was expecting a major pullback in the $6ks but it busted right through first $7k then $8k and now $9k.
Meanwhile, the CME weekend gap is at $8,475, CME first futures trading at a $100 premium over spot. However, it is hard to know if it will have any effect on Bitcoin price as last time Bitcoin was unaffected by this gap.
Still, Bitcoin has the support levels present at 9000, 8800, 8500 (minor), 8100-8000, 7600-7400, 7200, 6800, 6400, as shared by economist and trader Alex Kruger.
“There’s hardly any Bitcoin for sale at all between here at $28,000”
Right now, Bitcoin is looking bullish and can further move upwards where as stated by analyst Benjamin Blunts, the first resistance will be found at $10,000 level with the second one present at $11,500.
major macro count as follows.
first resistance 10k, second resistance 11.5k
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) June 16, 2019
But Bitcoin bull Tom Lee has huge expectations as he wonders aloud that in the light of recent hikes, the old highs of $20,000 looks to be just a FOMO days away before concluding “Crypto winter is over.”
He further stated how Bitcoin has acted “very differently” since it crossed above its 200 days moving average in early April. In this scenario, Lee says, the best strategy has been only to stay long.
Crypto winter is over… pic.twitter.com/1neKiEzaFA
— Thomas Lee (@fundstrat) June 16, 2019
Meanwhile, Bitcoin proponent Max Keiser says, nobody wants to sell their BTC at interim prices and that we won’t see any significant sellers until $28,000.
“Given my insight into this market and the players – got me in at $1 and kept me in to this day. We’ll see a $100,000 print on Bitcoin. There’s still a lot of upside,” stated Keiser.
$28,000 still in play.
$100,000 target first predicted in 2011 still in place. #Bitcoin
— Max Keiser, tweet poet. (@maxkeiser) June 16, 2019