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.
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.