Bitcoin has found a good support level above nine thousand dollars ($9,000) and is holding pretty well at this level. But, the path to achieving the target of ten thousand dollars ($10,000) is not smooth, and the coin has to face many barriers and resistances.
Over the weekend, the price of Bitcoin has been increased by ten percent (10%). The coin has successfully surpassed many barriers and resistance levels. The price of Bitcoin was recorded to be the highest on June 16th.
However, there are many sceptics also who have predicted some bearish patterns for the coin in the near future.
The trader of cryptocurrency, Josh Rager, had said that any fakeout could depreciate the price of Bitcoin as evident from the past scenario when the Bitcoin was trading above nine thousand dollars ($9,000) the price depreciated suddenly to eight thousand seven hundred dollars ($8,700). Currently, the bulls are strong enough to undermine the bearish signals.
$BTC currently consolidating below resistance
Meme head and shoulders forming (I counter trade this pattern often on Bitcoin) on 4 hr/1hr charts
Price slowly ranging & expect sideways next couple days & would like to see fake-out down before breaking resistance above pic.twitter.com/46UcF6ryiS
— Josh Rager 📈 (@Josh_Rager) June 20, 2019
The analysts are speculating different price actions for Bitcoin. Fundstart’s Tom Lee predicted that the coin would soon reach current ATH of twenty thousand dollars ($20,000).
However, this statement can be regarded as bold and too early prediction for the coin. The coin has to cross the crucial level of ten thousand dollars ($10,000) first before reaching the next higher levels.
When the coin reached that level and activated the highest point of FOMO, then next speculations can be made.