It's make or break time for Bitcoin: $9500 or $6000?

12 May, 2019
by Will Heasman
Price Analysis
It's make or break time for Bitcoin: $9500 or $6000?

The tension within the cryptocurrency community is palpable as many anticipate either further gains, or a drop to lower levels, so where is bitcoin headed next? And what are the traders and analysts of crypto Twitter saying?

Today, analysts are struggling to chart as fast Bitcoin can move, because within the last few days Bitcoin (BTC) has completely smashed through formidable resistance around $6,000, before stampeding its way beyond $7,000. Right now, the next reasonable levels of resistance stand around $7,500 will the bears retake any ground? Or will the bulls continue to rally?

According to Trading Room, BTC’s imminent test of resistance around the $7500 mark, spells moon or doom for the #1; with the analyst suggesting that if resistance is broken we could see a price point as high as $9500.

Another analyst, known as The Crypto Dog, foresaw a local top for both BTC and its dominance; advocating money flowing into alts as a result. The analysts alluded to the fact that the reopening of Binance’s deposits next week, and increased mainstream media interest might see this rally continue.

 BTC/USD Chart provided by Tradingview

Another piece of analysis from Hal L also suggested a local top - gathered from the correlation of price action from 2017. The analysis pointed to a pullback to $6100 next week, just in time for bloody Monday:

However, for the most part, the bulls are still out in force. Justin sun got involved with the bullishness today, this time not shilling TRON (TRX) but BTC instead…

So It seems as if Resistance around $7500 is the next stumbling block for BTC however, given that the #1 managed to cut through that almighty resistance around 6000, like a hot knife through butter, and with this continued bullish momentum its probable we’ll see further gains. Still, anything can happen, and now most eyes are trained on next week, and the reopening of Binance…

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