Bitcoin, the largest cryptocurrency by market capitalization, has been experiencing reluctant price growth for quite some weeks. It kept accumulating price deficits until it dropped farther below 5-digit price to $7,000 price region.
As it continues to linger around $8,000 resistant level, popular crypto analyst and trader, Josh Rager has recently hinted that BTC could soon break above $8,500 and beyond, going by figured fact on the chart he captioned on Twitter.
Josh Rager Points Out the Next Possible Trend of Bitcoin Price
Josh Rager is a well-known cryptocurrency trader and analyst that based his analysis on the short-term price trend of any digital token. In his recent tweet, he pointed out that BTC has managed to break and close above the highest volume area.
According to Rager, prices such as $8,380 will act as a good support for BTC, which would be followed by breaking above $8,500 resistance level and beyond.
$BTC – As you can see from the blue lines and volume profile Bitcoin price managed to break and close above the highest volume areas in this range
This will now typically act as support
$8,380s could act as resistance but price can run up to $8500s with a break above there pic.twitter.com/06PaiqdjTa
— Josh Rager 📈 (@Josh_Rager) October 8, 2019
Corroborating Rager’s assertion, Bitcoin has managed to settle above $8,000 resistance level. At press time, BTC is trading at $8,203.80, with relatively 3% price upsurge in the last 24 hours.
Bitcoin’s Price Trend in the Past Few Weeks
Bitcoin has consistently failed to replicate the trend it maintained about 3 months ago when it went drifted up rapidly. Back then, BTC’s price surge really impacted the growth of other digital currencies and the cryptocurrency market as whole.
However, the situation has since changed for the king of coins, due to major price corrections which succeeded the swiftly accumulated gains. The past few weeks have actually been unfavorable for Bitcoin. As BTC dwindled, the majority of top altcoins seemed regaining surging strength to unusually outshine its sovereignty in the market.
These recent price actions of top altcoins, such as Ripple’s digital token, XRP, Ethereum (ETH), and the likes, gave room to envisage on possible altseason soonest.
In the past month Bitcoin has witnessed no significant price addition. In that same month, judging by the dwindling trend of BTC in the market, some crypto analysts averred the possibility of the digital currency dropping below $7,000 price level.
October is Always Better for Bitcoin
The situation has called for a look into the past price reactions of Bitcoin. History is sometimes not to be thrown underfoot when it comes to predicting the price trend of any commodity.
That made Dennis Packer to hint the chance of BTC experiencing favorable price growth in the month of October, considering the past price actions of the digital currency since inception.
Going by the chart he captioned, covering 2010 to 2018, BTC really had downtime in terms of price in both August and September, but a huge turnaround was recorded for October. So with this deduced fact, there is an expectation of a better trend for Bitcoin this October.