Bitcoin likely to see further gains if it closes above $8,740, says trader

16 Jun, 2019
by Richard Allen
Price Analysis
Bitcoin likely to see further gains if it closes above $8,740, says trader

Bitcoin has had a great couple of days as the coin surged past the $9,000 level to where it currently stands at $9,191. If Bitcoin can keep this momentum for a little longer, one trader thinks BTC could see even more gains.

The loses Bitcoin experienced last week when the king coin dropped from $8,800 to briefly touching $7,450, have been reclaimed as prominent crypto trader Josh Rager states that Bitcoin’s weekly chart has seen a massive “bullish engulfing candle.” He says that if Bitcoin can close above $8,740 tomorrow, June 17, new yearly highs are likely just around the corner.

Rager states that Bitcoin’s current pattern, which includes strong pullbacks before a bullish reversal, is what “led to continued uptrend last bull cycle.” As such, if Bitcoin can end the week off on a high note and close above $8,740, would likely result in Bitcoin continuing to set new yearly highs in the coming weeks.  

With Bitcoin having just recently set a new yearly high, many traders and analysts have been speculating on where Bitcoin might be heading in the near future. One crypto trader, Red, has suggested Bitcoin’s next stop could be $12,000 by the end of July.

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Read more about: Bitcoin (BTC)

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