Bitcoin Closing Price Weekly Candle Above $8,400, Stage Set For $9,600 Push

After breaking from $8,000’s grip on Sunday, Bitcoin (BTC) skyrocketed to $8,750 in a jaw-dropping move. While the bullish momentum has slowed for the time being, with BTC beginning to consolidate in the short-term around $8,700, some are sure that the cryptocurrency market will continue to print higher as the week elapses.

Bitcoin Closes Above $8,400

Earlier today, BTC suddenly broke over, shooting past $8,200, $8,400, and $8,600 in rapid succession. Initially, though, some were wary that this was a fakeout, designed to trap bulls into thinking there was going to be a strong weekly close above $8,400. $8,400 is, of course, where this market topped in a bear market rally in mid-2018, and where BTC double topped in early-May.

The thing is, there was a chance that Bitcoin was going to rapidly scale back just as fast as it jumped up.

But, just minutes ago, Bitcoin’s weekly candle closed at midnight (UTC time zone), marking a strong performance over the past week. As analyst Nick Cote quipped on Twitter in response to this close, “that weekly print.” According to LiveCoinWatch, Bitcoin is up 6.75% on the week.View image on Twitter

Bitcoin Closing Price

Nick Cote@mBTCPizpie

That weekly print.#bitcoin3312:01 AM – May 27, 2019See Nick Cote’s other TweetsTwitter Ads info and privacy

So what’s next? Well, now that the weekly candle has closed decidedly bullish, some are adamant that anywhere to $9,600 to $10,000 for BTC is in the cards. Josh Rager, a team member at Level and a popular analyst, recently noted that now that the close was strong, he fully expects for a move to $9,600 to come to fruition. As he wrote in a recent tweet: “Goodbye meme triangle, hello $9k+ targets. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k.”

Some have been a tad more optimistic. Adamant Capital’s Tuur Demeester exclaimed last week that Bitcoin continues to hold in a bullish parabola, which has acted as support for BTC since December 13th’s jaw-dropping bottom.View image on Twitter

Bitcoin Closing Price

Tuur Demeester@TuurDemeester

A bullish short-term scenario for Bitcoin
HT @INXLimited4436:55 PM – May 23, 2019138 people are talking about thisTwitter Ads info and privacy

In fact, the asset touched the parabola in February, late-March, early-April (to kick off the current rally), throughout early-May, and just last week. If this trend continues, the Adamant representative suggests that Bitcoin could rally by 40% — around $3,000 — from current levels to hit $11,000 by early-June. This begs the question — is crypto winter finally over?

According to Fundstrat Global Advisors’ Tom Lee, this might just be the case. In a recent Twitter post, the Fundstrat head of research gave 13 reasons why the bear market is over.

Some of these important reasons include the fact that Bitcoin closing price quickly returned to $8,000 after the $1,700 dump on Bitstamp; the Bitcoin Misery Index passing above 89, a sign only seen in bull markets; a grow in on-chain activity and volumes, which historically have preceded rallies; and the fact that Bitcoin’s chart recently saw a bullish “golden cross” pattern” while BTC moved above its 200-day moving average in spectacular fashion.

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Categories: Bitcoin

3 Comments

Bull Market Not Confirmed Until Bitcoin Price Breaks Above $11.7K Where Bear Market Began · May 28, 2019 at 3:11 pm

[…] is once again making headlines in newspapers and on television, as the crypto asset has more than doubled in value so far in 2019, to the delight of new investors of the emerging financial […]

Billionaire Investor: Bitcoin Likely to Consolidate Between $7k and $10k; Will BTC Plunge Lower? - alpha prime · May 31, 2019 at 3:29 am

[…] it is currently unclear as to whether or not the bullish upwards momentumthat Bitcoin has incurred over the past several weeks is currently in jeopardy, it is likely that […]

Peter Brandt Bearish After Bitcoin Breaks Below Parabola, Expects Further Reversal - alpha prime · June 5, 2019 at 1:45 am

[…] After two full months of a parabolic uptrend, Bitcoin’s bullish momentum has started to wane, and a deep, overdue correction is expected by much of the crypto community. Following a strong rejection at $9,000, Bitcoin price has fallen below $8,000 where it’s retesting the former support turned resistance. […]

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