BTC monthly candle now flipped into bullish territory makes Bitcoin price could rally as high as $ 14,000
Bitcoin price has had some mixed price action over the past few days, plunging to a low of $ 9,400 yesterday before achieving a strong upward momentum to $ 9,800. It seems that the macro outlook of BTC is forming to support a lot of buyers, as the monthly candles are now turning into bullish territory.
Bitcoin price could rally as high as $ 14,000 before finding any strong resistance
This is a positive sign for Bitcoin’s long-term prospects though failing to surpass $ 11,000 is a grim short-term factor that needs to be considered. Assuming this bullish monthly candle will help raise Bitcoin higher in the coming weeks and months, some analysts noted that it could rally as high as $ 14,000 before finding any substantial resistance. This will closely coincide with its 2019 high of $ 13,800.
The ability to defend against any type of sharp downtrend even when the recent severe rejection it faced at $ 10,400 seems to be a positive sign for buyers.
It is important to note that these declines at these highs are the third seen in the past six months, prompting some analysts to note that a triple peak formation could take place if the BTC price cannot soar shortly.
According to analyst CRYPTO₿IRB, Bitcoin’s monthly candle is now well above a giant descending trend line formed at the time since it climbed to a high of $ 13,800 in June 2019.
— CRYPTO₿IRB (@crypto_birb) June 8, 2020
Meanwhile, analyst Credible Crypto said that Bitcoin is poised to push as high as $ 14,000 in the weeks ahead.
Don’t lose sight of the HTF…Our prior resistance region has now been broken and is now being tested as support. Bulls remain in control and gunning for the highs again imo. HTF has been bullish since posting this weeks ago, hope you have been buying the dips. $BTC https://t.co/Q7k4bd86Q5 pic.twitter.com/WpVUf1wPGt
— Credible Crypto (@CredibleCrypto) June 4, 2020
If Bitcoin faces another swift rejection within the lower $ 10,000 region, however, it could be a clear sign that the crypto is not ready to push any higher.
Factors affecting Bitcoin’s ability to depreciate
Bitcoin’s price reach of nearly $ 20,000 in 2017 in December has a strong correlation with the launch of the CME Bitcoin futures contract. Therefore, the first factor still influencing Bitcoin’s price is the 2017 launch of CME futures.
PlanB – a popular cryptocurrency analyst who is the creator behind the popular Stock to Flow economic model – also revealed a few other factors affecting Bitcoin as follows. He also points to the 2018 ICO crackdown from the US government, the SEC’s refusal to approve and ETFs, the BSV hard fork, a disappointing Bakkt futures launch, and the pandemic as five other fundamentally bearish events that Bitcoin has shrugged off.
#Bitcoin looking sharp after shrugging off:
– 2017 CME futures FOMO & hangover
– 2018 US government ICO crackdown
– 2018 SEC approval ETF hope & delusion
– 2018 BSV fork
– 2019 Bakkt futures fear & relieve
– 2020 Corona virus pic.twitter.com/89UfdAHSl0
— PlanB ? (@100trillionUSD) June 8, 2020
In spite of all this, Bitcoin has written incredibly strong – with its price holding steady around $ 10,000 while new investors flood into the market at a rapid pace.
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