Data Shows Bitcoin Could Continue Growing And Surpass $10,000; What’s Next?
- Bitcoin could eventually surpass $10,000 in the near future
- Analysts believe the digital currency could gain strength after that price level
- Bitcoin is getting closer and closer to $10,000 and experts are analyzing what can happen with the virtual currency after this price surge. At the same time, historical data suggests that August is generally one of the best moments to buy Bitcoin (BTC).
Bitcoin’s Path To $10,000
In a recent tweet uploaded by Cane Island Crypto a few days ago, the analyst showed that June and July are generally positive months, while August is a negative month for the digital currency. This time, Bitcoin could keep growing during the coming months, including July and end this bull trend in August.
1) June and July likely to be +
a) could be longest + streak ever
2) August right around the corner
3) August typically bad, *AND* coincides with end of streak
4) Most other #cryptos follow $BTC pic.twitter.com/4wHaCmHl8T
— Timothy Peterson (@nsquaredcrypto) June 19, 2019
In general, Bitcoin has suffered seasonal summer declines that last between June 6 and October 8, on average.
Nonetheless, the recognized crypto trader FlibFlib suggested that Bitcoin is about to have its third monthly bullish MACD cross of all time.
Bitcoin is about to have its third monthly bullish MACD cross of all time.
Its worked out pretty well in the past. 😈 pic.twitter.com/5UtrPJPsGL
— fil₿fil₿ (@filbfilb) June 20, 2019
He showed that the last bullish MACD cross happened at the end of 2016 that ended in the 2017 bull run with Bitcoin reaching $20,000 per coin. Although the market could fall in the near future, it seems that Bitcoin is getting prepared to start a new long-term bull trend.
Since always, $10,000 has been a very important psychological price level for Bitcoin. During the bull market in 2017 and the bear trend in 2018, $10,000 has been a very important point for the virtual currency.
Tyler Winklevoss, the co-founder of Gemini and one of the recognized Winklevoss twins, claimed that if the digital currency breaks $10,000 then it can move up to $ 15,000. If the virtual currency surges above this level, the market would enter in a new bullish momentum that could help the cryptocurrency move even forward.
During a conversation with Wei Zhou, the CFO of Binance, Thomas Lee said that Bitcoin could reach $40,000 in five months if it surpasses $10,000. Nonetheless, this is going to be difficult for Bitcoin.
According to a recent report released by Bloomberg, Bitcoin is currently facing down a key technical obstacle. The Relative Strength Index (RSI) is reaching overbought levels. The last time that the RSI was overbought, nothing happened.
Another crypto analyst, Josh Rager, said that regardless of the movement that Bitcoin will do, the digital currency could keep growing even higher.
$BTC possible scenario
Regardless of how it moves, I think Bitcoin pushes higher pic.twitter.com/eSxeEdOUCd
— Josh Rager 📈 (@Josh_Rager) June 20, 2019
That being said, Bitcoin could face a strong resistance level close to $10,000, which is going to make the following movements very interesting.