The Bitcoin price is all over the news and many best cryptocurrency news sites are already predicting another bullish outbreak. Since BTC visited $11,300 yesterday, there have been talks about the cryptocurrency propelling further, with some stating that Bitcoin to $60k is definitely one of the possibilities.
The flgaship cryptocurrency is in an ever-growing chorus and is flying higher. According to one trader named Josh Rager, the bullish situation calls for a prediction. Rager has made a really bold prediction about BTC and said that Bitcoin to $60k is definitely how this nice journey may continue in the coming months.
In a series of tweets, Rager noted that the price of Bitcoin goes past the $11,700 mark soon, it will find little resistance and eventually break through to new highs that we have never seen before.
$BTC is likely to hit $60k+ this coming uptrend…
And people seriously forfeit 500% gains to try catch 10% moves with shorts
— Josh Rager 📈 (@Josh_Rager) June 21, 2019
His 43,000 followers were excited following the Bitcoin to $60k price prediction. Following the latest cryptocurrency news, we can certainly say that Rager is a well-followed Bitcoin trader who never lacks technical data. Late last month, for example, he pointed out that every Bitcoin bull cycle has been longer than the preceding one.
$BTC Bull Market Cycles
As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend
Don't worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high pic.twitter.com/CCesZphBWD
— Josh Rager 📈 (@Josh_Rager) May 31, 2019
Given that Rager thinks that Bitcoin to $60k is a possibility and that the current bull cycle will definitely give us new yearly highs, the cryptocurrency still has a lot of room for growth. Hence, the thinks that there will be a resistance at $11,700 as the price of Bitcoin tends to rally for five weeks before hitting the breaks.
During last bull uptrend & currently, there has been a pattern of at least 5 weeks of green before next major pullback
While I am still cautious between here & $11,700, this is only the 2nd week since last major pullback
Be wise, prepare for anything, but also take note pic.twitter.com/hM5mvSZ0Ir
— Josh Rager 📈 (@Josh_Rager) June 22, 2019
Knowing that the last pullback was just a couple of weeks ago, Bitcoin should keep running higher despite the recent correction. As Rager’s technical analysis notes, if that happens, we could see Bitcoin breaking out past the $11,700 resistance and zooming further.
A lot of altcoin news sites featured other traders who are setting ‘Bitcoin to $60k’ targets. One of them is Galaxy, who recently painted a $62,000 price target on Bitcoin based on all the past trends and technicals. He further noted that the cryptocurrency could hit these levels by the end of October this year.
Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.
— Galaxy (@galaxyBTC) June 17, 2019
Meawhile, Fundstrat’s Thomas Lee was also in the news with his big price target on Bitcoin. He expected the cryptocurrency to quadruple once it is past the $10,000 FOMO level.
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“Breaking down to support zone. On 1HR chart showing top of support zone now acting as resistance. Not a great sign for bulls and want to see price break back up in neutral territory Continue to watch this area for a break $10,189 will lead back down to 4-digit BTC.’’Earlier this week, before bitcoin pulled back from the $10,300, another crypto asset trader noted that the gap in CME’s bitcoin futures contract could be settled at $8,500 indicating that if the bitcoin falls below, there could be a possibility that it will go down even lower than expected. Since the middle of July, Bitcoin showed some incredible movements, one of which led to a 9% rally in a matter of minutes which also led to a liquidation of the most short contracts on the trading platforms. DonAlt, the popular crypto trader and tech analyst noted that the next support for bitcoin can be found at $9,800 saying that a 4-digit drop is likely at the current cincture of the market:
“If I had to pick two places to close shorts///long it would be the two green areas below. S1: $9800; S2: $8200. Anything else is in no shape or form significant enough to me to buy in a (short-term) bear trend.’’As noted in the latest cryptocurrency news, the technical indicators show a week hand for bulls but the fundamental factors are boosting the sentiment around the market.
Tim Draper Believes Crypto And Libra Are Bridges To A Bitcoin World
“I think all these other cryptos are bridges to where we have a Bitcoin environment,” he said.Appearing in the unique trademark Bitcoin tie, Tim Draper believes that US regulators were too heavy-handed dealing with innovations like Bitcoin, blockchain and related fields - which is what he told CNBC. He did not say anything about other altcoins which might have been featured in our altcoin news section. When it comes to Libra, he said that there was no need to demand regulatory assurances before the product had even launched.
“We’re putting regulation before the innovation — Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,” he continued.Currently, many best cryptocurrency news sites explore the link between Libra and Bitcoin. At press time, Bitcoin looks stable and is trading more predictably after a turbulent week which saw a lot of price swings as the Congress debated a cryptocurrency policy. Tim Draper believes that there is lack of Bitcoin support against government. He is in a lot of interviews recently, talking about being a Bitcoin bull, his investments in the crypto space as well as his outlook on the future of the crypto space.
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