A new Bitcoin price target is something that many are thinking about in the cryptonews nowadays and trying to predict the next move of BTC. However, one analyst took this into his own hands and found out that as the price holds its mid-2019 support, BTC could retest its June 1 high and reach $10,450 only if it sustains above $9,250.
The popular market analyst Michael van de Poppe said this a while ago. Known as a full-time trader from the Amsterdam stock exchange, van de Poppe predicts a bullish scenario as Bitcoin maintained a concrete price floor above $9,250 and $9,300.
In a Friday tweet, the market analyst said that the new Bitcoin price target is achievable in the coming sessions – in fact, it is the same level that halted the Bitcoin uptrend earlier this month and sent the price back to a low at $8,895.
And that was a little nasty and scary, but the price is waking up.
Might be consolidating in the range some more. Breaker of $9,550 would be the next step.
However, $9,250-9,300 is holding. pic.twitter.com/ovpl8lZcob
— Crypto Michaël (@CryptoMichNL) June 19, 2020
Nonetheless, the cryptocurrency went through a sharp upside recovery and closed above a short-term support range which was defined by $9,250 and $9,300. Van de Poppe said that holding the area could prompt Bitcoin to consolidate sideways before it moves above the $9,550 level.
“Might be consolidating in the range some more. Breaker of $9,550 would be the next step,” he said.
The analyst further indicated that the new Bitcoin price target would lead to an extended breakout trend if it plays well, first towards ,000 and afterwards as a retest of ,450.
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The range presented by him also coincided with another critical support which is defined by the 50-day moving average (MA) for Bitcoin.
Meanwhile, other traders have maintained their bullish bias above this 50MA level. Bears, on the other hand, attempted to close below the said level in June 11 and June 15 – but it was the bulls that neutralized the downside sentiment with an equally intense buying pressure occurring near the dip. This is why (as you can see the Bitcoin chart above) the BTC price has been testing support near $9,200.
A downside scenario is also brewing in the Bitcoin market with the formation of a new Falling Wedge pattern. As we said before, this technical indicator points to the cryptocurrency going lower to as far as $8,600 before it breaks out of the range and retests the $10,400 and $10,500 levels in the Bitcoin news.
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