While confusion looms as a result of uncertainty concerning the Bitcoin price movement, a crypto market analyst Josh Rager has given a little direction on the future of the king cryptocurrency. In a recent tweet, he said Bitcoin closing below $11,138 will indicate a continuing bearish trend while a price above $12,500 will be a bullish indication.
Although Bitcoin managed to close the day above the $11,138 Rager spoke of, he still seems bearish as he now hopes for a close above $10,900 to “maintain hope”. In a more recent tweet, he said a break below $10,577 will potentially bring the price down to the 9ks at the next target on the daily.
Despite the fear of falling to the 9ks though, Rager says Bitcoin is still in a bull market. It will also be a very important buying opportunity for many who may have missed buying Bitcoin before it rose above $10,000.
Bitcoin rose to $13,800 before experiencing a 30% pullback which it’s yet to recover from. Analysts predicted it was going to the $20k all-time high and possibly attaining a new high, an expectation that was dashed when Bitcoin started pulling back.
Analysts have generally agreed that Bitcoin is likely to move between $8,800 and $14,000 probably for the rest of July. The current price patterns are still within the range of that projection and it may continue till a clear bullish trend sets in.
Altcoins have not been left out of the sideways movements, in fact, their case seems worse as they have been bleeding most of the time. Luke Martin, another analyst says they may see a short term rally if Bitcoin remains within its current range. Bitcoin’s bullish moves have mostly caused an opposite effect in the prices of altcoins as its dominance increased.
The market pattern seemed to confirm Martin’s sentiments yesterday as all top ten alts turned green while Bitcoin bled. This did not last however and it is uncertain if it will return as almost the entire market is bleeding at the time of writing this article. The week has come to an end with no significant excitement about the market, but it remains to be seen what Bitcoin will do come next week.
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