Analysts: Bitcoin Market To Be Bullishly Bountiful For Several Years

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Analysts: Bitcoin Market To Be Bountiful For Several Years

It’s merely days since Bitcoin broke above the $9k resistance amid a lot of buying pressure. That’s after it previously touched the $9k level only to retrace way back to the $7k range and then back up to the $8,000s. Still, the $9k is hundreds short of the greatly coveted $10k mark.

Many traders and analysts alike have maintained their bullish stance with great expectations that Bitcoin will hit and probably surpass $10k by the end of 2019. Looking at things as they stand now, the $10k target looks pretty close. In fact, according to some analysts, Bitcoin has gained enough momentum to keep it bullish for years to come.

Bullish Above $8,950

Since the crypto winter ended weeks ago, Bitcoin has established a somewhat recurring trend between its upturns and downturns. Every time it surges, it encounters a resistance that pushes it down, and then it establishes a stronger support level from where it stages the next surge to break the resistance. This can be demonstrated by its recent trend when it spiked from $7,800 to $9,400, only to roll back to the $9,000 level. At the moment, Bitcoin is trading at around $9,878.

According to an opinion tweet by one cryptoanalyst, UB, Bitcoin needs to keep above the $8,950 mark to maintain its bullish stance and avoid a potential breakdown. At this level, the crypto will have established a strong support level before surging forward.

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Bitcoin’s Super Guppy Has Flipped Green

Many crypto traders, investors, and analysts have expressed great optimism in regard to Bitcoin this year. As a matter of fact, some have even opined that the top coin could actually be preparing for years of bullish momentum. According to Josh Rager, a popular crypto investor and trader, Bitcoin’s Super Guppy has turned green.

In a tweet, Josh traced Bitcoin’s trend in 2012, 2016, and 2019. In both 2012 and 2016, Bitcoin Super Guppy flipped green right before the crypto went on a massive bull run. The fact that it’s happening in 2019 makes the year a very possible period for the next of Bitcoin’s major bullish breakouts.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.