Analyst: Falling wedge could lead Bitcoin to $10k in July

13 Jun, 2019
by Will Heasman
Price Analysis
Analyst: Falling wedge could lead Bitcoin to $10k in July

Over the past week, Bitcoin has managed to once again breach into the $8k zone, however, price action, for the most part, has been subdued within this level with BTC refusing to go much higher. However, analysts seem to believe the next catalyst for Bitcoins price action may already be forming…

Right now Bitcoin (BTC) is citing a modest 1.18% rise in the last 14 hours, sitting at a current price of $8078:

BTC/USD Chart provided by Tradingview 

As the many analysts of crypto Twitter try to diagnose Bitcoin's next move, a few have pointed to its macro trend, suggesting that a head and shoulders (H&S) top may be forming within BTC.

One such analyst known as Cred, pointed this H&S top out, adding that it wouldn’t be confirmed until neckline resistance breaks.

The analyst was met with a fair bit of resistance himself as respondents urged that this H&S formation wasn’t actually valid:

Another trader known as Josh Olszewicz also pointed out the apparent H&S top formation suggesting that the validation of the formation could lead BTC as low as $6400:

Looking on the more positive side, The Cryptomist pointed out another formation, this time a falling wedge, believing that Bitcoin would likely work its way through the wedge until July where price action could lead BTC to $10k:

Galaxy – another trader and analyst – also spotted this bullish formation, apparently travelling into the future to confirm it’s prognosis:

What do you think? Is Bitcoin doomed to fall victim to a H&S top? Or will a falling wedge prove to be BTC’s saving grace?  Let us know your thoughts in the comments! 

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