On Friday, June 7, 2019, bitcoin reached $7,990 on Bitstamp but two days after, the most valued cryptocurrency slipped to $7,723.38 with -2.48% depreciation in the last 24 hours according to coinmarketcap.
When it was trading at $8,000 expectations were high that bitcoin could aim higher, but today’s price has shown that BTC is still finding it difficult to break the $9, 000 chain the highest in months, but crypto analyst and millionaire Oliver Isaacs is optimistic that bitcoin could hit $25,000 before 2019 or early 2020.
Though it was projected that a rally to $8,350, if any, could be short-lived if trading volumes remain low.
“A break below $7,432 (June 4 low) would revive the case for a drop to the 50-day moving average at $6,915.
“With the rise back to $8,000, the cryptocurrency has charted a bullish technical pattern on one of the short-duration charts. As a result, the recovery rally may continue, with prices rising to $8,400 over the weekend.
“The weekly close (Sunday, as per UTC) will also be key. BTC witnessed solid two-way business last week before ending on a flat note, a sign of indecision among buyers. A short-term bearish reversal would be confirmed if prices close below last week’s low of $8,000 on Sunday,” Omkar Godbole on coindesk said in his June June post.
Analysts are optimistic that any positive change can happen, but then it seems safe to say the pullback from the May 30 high of $9,097 has ended and the path of least resistance is now to the higher side.
It’s worth noting that a double-bottom breakout is usually followed by a move higher by roughly the length of the spread between the bottom and the neckline – in this case from $7,450 to $7,924, giving potential a rise of around $470.
It was projected that BTC climbed toward $8,400 over the weekend, but at the time of compiling this report Sunday, June 9, 2019, it stays below $8,000.
This also shows the unpredictability of the cryptocurrency market, it could move to the left when you projected right, higher when you projected lower and vice versa.