Crypto Trading Expert: “Last Chance to Load Up” on Bitcoin as BTC Price Briefly Touches $6,107 USD
- Shorts getting squeezed as BTC retakes $6k
- FOMO Incoming if BTC push up from $6k says crypto trader Bob Loukas
- But not before a drop to low $4k’s says another trader
Bitcoin has finally surpassed $6,000 hitting not just the yearly high but the highest level in 6 months. In these past few months, the leading cryptocurrency has come a long way, from plunging to $3,200 during the end of last year to slowly making its way upwards throughout this year.
Currently, BTC/USD is trading at $6,050 with 24-hours gains of nearly 4 percent in the last 24-hours.
6000… you look so much better from this angle!
— Erik Voorhees (@ErikVoorhees) May 9, 2019
As Bitcoin surged, altcoins are seeing some green as well where Bitcoin SV registered the highest gains of about 8 percent that has the total market cap reaching $188 billion. However, due to the fact that the majority of the altcoins are barely in the green, BTC dominance has climbed 57.2 percent, the highest in 8 months as per Coinmarketcap.
Bitcoin Above $6k Ensures Bottom Has Been Hit At $3,150
Bitcoin is showing great strength despite a number of bumps in the form of Bitfinex-Tether debacle and Binance hack. This is the sign that the bear market is over and we are on our way to the next bull market.
— Bob Loukas (@BobLoukas) May 8, 2019
However, we might be in for a drop here as crypto trader Credible Crypto reemphasizes how he has been calling out for this move and expecting BTC to hit $6k before we got to $4.2k. This movement makes him confident that in December last year, Bitcoin had hit its bottom at $3,150 and we won’t be going below this level now.
According to him, as the $6k has been taken over, a drop back to around $4,200 will provide the opportunity to buy the dip before we clear the $6.5k level.
“Massive rejection back down to low 4k’s for our last chance to load up, then we take 6.5k out on the next rally,”
explains Credible Crypto.
Do altcoins have a chance?
According to Credible Crypto, before BTC tests $6.5k and takes a dip to
“low 5k’s before getting past 6.2k,”
we will see an alt run.
Shorts Get Squeezed
Since 2019 started, Bitcoin has been a steady upwards ride with a few hiccups here and there. However, despite good momentum, the shorts have been piling which now means
“There is a severe short squeeze in the making.”
Experts had repeatedly called out that going with the trend is the best bet and Bitcoin has been presenting some bullish moves for the past few months now and shorting BTC hasn’t been the ideal choice at this point.
According to Ledger Status, this bearish sentiment could be the fuel to shoot BTC to $7k level,
“Ideal bearish sentiment heading into what should be huge resistance. Could be the exact fuel necessary to breach it. The trip from 6400-7xxx would be extraordinary.”
Open interest on @bitfinex:
– Ratio of longs to shorts has never been this low (36% long) since Bitfinex began providing this data in Aug 2017.
– Fewest longs since Dec 30th 2017.
All as we test huge horizontal resistance from underneath. 👀👀👀 pic.twitter.com/N57dYxer8z
— Jonny Moe (@JonnyMoeTrades) May 8, 2019