- Any break above $8948 resistance level is bullish for Bitcoin (BTC), analyst posits
- How Binance exchange contributed to the recent altcoins price plummet
Bitcoin’s price is beginning to prove the doubters wrong, surging and on course to break more resistance levels without hesitation. It overpowered $8,000 mark about a day ago, and keeps surging without retraction. Hope for its consistent growth is alive.
A popular crypto trader revealed that Bitcoin could be set for Bull Run once it breaks $8948 resistance level.
Bitcoin is beginning to exhibit its usual price upsurge strength. Its price has been parabolic a couple of hours ago, with little or no indication of notable price correction anytime soon.
Other digital currencies earlier failed to join BTC on the upside trend, but have now joined in the race towards the ceiling. Top 10 coins now bleep green, indicating readiness in joining the success train of the largest cryptocurrency by market, Bitcoin.
It was habitual that altcoins’ prices grow concurrently with Bitcoin until Binance announced the delisting of United States’ customers from its major exchange. However, it made the provision of a new US version of the exchange.
This action alone was envisaged to have contributed to the recent price dump of alcoins, but quite favoured Bitcoin as it maintains its price growth.
In the middle of the announcement, which some crypto pundits tagged as devastating, Binance owned coin, BNB, suffered a significant price plummet. However, the digital currency has now returned on the rising wedge.
Bitcoin is performing wonderfully well in the market, giving its investors reason to smile and potential suitors motive to plunge in before it surges beyond buyable level, as it gets on course of breaking $8,700 resistance level.
At the time of filing this report, Bitcoin is trading at $8,677.67, with 4.66% price surge in the last 24 hours. Crypto analysts believe BTC might not stopover any time soon, while some envisage a slight price correction before it breaks further above.
Josh Rager Says a Break Above $8948 is bullish for Bitcoin
Josh Rager is a well-known cryptocurrency analyst. About two days ago, he deduced through his analytical chart that Bitcoin is on the verge to break out of channel. Before airing his sentiment, BTC was revolving below $8,200 resistance level.
Rager has come with another analytical deduction, complementing his previous analysis; he said big players in the business played a prominent part in the recent price upsurge.
Read Rager’s statement below:
“Nice break up out of that rising wedge, big players painted it perfect on the chart to trap many into shorting followed by liquidations…”
He continued by saying that Bitcoin might see price pullback to $8,500, which would precede a surge to break above $8750 resistance level. He concluded that any move beyond $8948 is bullish for BTC.
“…Would like to see a pullback to $8500s before another retest to break above $8750 Break & close above $8948 is bullish.”
Nice break up out of that rising wedge, big players painted it perfect on the chart to trap many into shorting followed by liquidations
Would like to see a pullback to $8500s before another retest to break above $8750
Break & close above $8948 is bullish pic.twitter.com/bAlkGNFxz2
— Josh Rager 📈 (@Josh_Rager) June 15, 2019
Bitcoin is still on the move of breaking more resistance levels. Any move is expected at this point, but BTC lovers still keep their optimism intact, with expectations to see the digital currency replicating its parabolic movement of 2017, which made it record an All Time High.
However, for Bitcoin, the two major price conditions (rise and drop) are possible.
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.