It’s never a dull moment when you’re following up on Bitcoin (BTC) price. The king of cryptocurrency just keeps giving you all the drama you need. The cryptocurrency giant recovered to eleven thousand dollars ($11,000) after it’s relapsing from nine thousand seven hundred dollars ($9,700). About seven percent (7%) price rebound.
The analysts are pouring in with their verdicts. This quick rebound is nothing short of a miracle but the question that needs to be answered is are these prices going to continue uphill?
One of the trader who has been religiously followed in the market, B-Eazy, said in his recent post that Bitcoin price has shown all bullish signs by its thirty (30) minute chart. B-Eazy shows a break out of the trend line, pulverized the cloud resistance and has left the daily open to bite the dust. This bullish market structure- according to him – will burst into ten thousand (10,000s).
Back to bullish market structure.
Buy the dip mode: Enabled ✔️
First step here would be reclaiming the weekly open. pic.twitter.com/GsfUhrZGpR
— ₿-Eazy 💥 (@cryptoeazy) July 2, 2019
While, on the other hand, Josh Rager pointed out that after this thirty (30%) pullback. Bitcoin price will be making the leap to one hundred and fifty-three percent (153%) before the next big pullback with correspondence to past references.
$BTC: We had our 30% pullback so what's next?
History says that price consolidates followed by an average gain of 153% before the next big pullback
There are great rewards for buying pullbacks in a bull market
— Josh Rager 📈 (@Josh_Rager) July 3, 2019
What is more important is that bitcoin went above the daily cap, conforming to the market rising and not falling back down. Like most others, Joe McCann, a technical analyst, and prominent investor, stated that Tuesday’s closing was quite enthusiastic about the level at which Bitcoin price sloped out after sustaining itself from a twenty (20) day low to a stable high, all by itself.
— Joe McCann (@joemccann) July 3, 2019
Other analysts do not believe that this upward trend. Alex Kruger,stated the contrary to other analysts:
“expect consolidation/ranging before the next large upwards move.”
Bitcoin might flatline or even drop lower to double or triple bottom. The 200 day graph however looks promising. No matter what the circumstances, Bitcoin seems to come back up to life.
According to Teddy Cleps, a bitcoin enthusiast and the co-fonder of Crypto Freak Network (CFN): The reason for Bicoin price to rally up after falls is because the moving averages coalesce and then the Moving Average Convergence and Divergence (MACD) can flatten out, as the next thing in line.
Historically price rarely bounced immediately upon first contact with 200ema ☝🏻
It confirmed support above it after double/triple bottoming – as that consolidation was enough to:
– reduce gap between shorter moving averages
– flatten out MACD
Patience is 🔑 pic.twitter.com/LnDW5Ny931
— TEDDY 🌐 (@teddycleps) July 2, 2019
With that being said, we can expect BTC to be well above the twenty thousand dollar ($20,000) mark. While Binance CSO, Gin Chao, stated previously that we see a bigger picture for bitcoin here, moving well above to fifty thousand dollars ($50,000).