- Bitcoin cross $11,100, might end weekend on $13,000.
- Long term trader advises on possible pull back
- Even though history fails to reoccur, Bitcoin is aiming for $90,000
- Bitcoin (BTC) records $507 Billion net inflow
An overflow out of the supposed psychological resistance level of $10,000 gives us strong reason that the bear is done and a parabolic rally is imminent. As an addition, analysts have proclaimed that after $10,000, Bitcoin’s rally on the upside trend will be massive.
Bitcoin has now stepped forward with its potential by exceeding $11,000 market price.
The overnight rally displayed by Bitcoin signals a nod to the forecast of many including traders, analysts and even Today’s Gazette as BTC records its highest value since 15 months.
To the surprise of many, Bitcoin did not even take a rest around the $10,000 resistance level. The cryptocurrency forged ahead with a strong support above $10,000 as it tails $11,000. As at press time, a unit of BTC has crossed $11,000 price with 12.95% gain in the last 24 hours.
Observers have also proclaimed that if Bitcoin continues with the present trend, $13,000 price would be visible before the end of this weekend.
However, long term trader CryptoFibonacci implored people to be wary of a pullback as the price of Bitcoin goes past the upper Bollinger Band.
Even Though History Doesn’t Reoccur, Bitcoin Is Aiming For $90,000
The devastating scene from the $20,000 peak to the bottom seems to be getting reimbursement as Bitcoin wakes from slumber, threading along the upside trend with a tremendous rally.
Contrarily, it has been quite epic for BTC to drift from $3,100 low to above $11,000, with disregard to all resistances on its way.
Although, history remains a tool used in making future prediction, but analysts have however stated that it is less accurate as past event in the market trend does not repeat itself.
A crypto wallet company, Melis, after observing the bullish market trend said even though history does not repeat itself, “Bitcoin parabolic cycles show a potential path to $90,000.”
The company stated that history sometimes rhymes and Bitcoin’s path to the top is always the same – Parabolic.
Bitcoin’s advancement from $3000 support level to present price is a typical example of the parabolic rally.
Bitcoin (BTC) Sees Highest Net Inflow
As the market rises above the purported psychological resistance, buying pressure have also followed the same pattern. Bitcoin in the same way saw increased buying pressure from traders as the crypto asset continues its upside trend in the market.
The FOMO seems to be adding more to the market, luring novice into the market, as well as making existing buyer hodl more.
According to a monitoring evaluation by Coinness, Bitcoin between 00:00 to 10:00 (UTC) on June 22, registered the highest net inflow with $507 billion in just 10 hours.
After Bitcoin, Ethereum and EOS followed, registering $145 billion and $76.95 million respectively.
Tether (USDT), Litecoin and Ethereum Classic, on the other hand recorded the highest net outflow with $11.54 million, $10.06 million and $7.82 million respectively.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.