Bitcoin bounces back to $8000; Is $10k now within reach?

19 May, 2019
by Will Heasman
Bitcoin
Bitcoin bounces back to $8000; Is $10k now within reach?

Today brought reprisal for bitcoin and the wider cryptocurrency market as the #1 bounced back to $8000 once again defying naysayers and proving the legitimate death of the bear season. Now that further ground has been consolidated, what’s next for Bitcoin?

The vast majority of crypto Twitter is celebrating today, revealing in the positive sentiment that pulled Bitcoin back from the brink of despair.

Many analysts and commentators now expect this rally to continue as this sentimentally continues to thrive:

What caused the pump?

While the reigning sentiment seems to be the main propellant for the pump, many are attributing the rise back to 8k to CBNC’s infamous counter indicator which struck yesterday just in the nick of time…

What’s next?

So sentiment might be intact but what’s in store for Bitcoin going forwards?

One analyst points to a Bull flag – an indicator of an incoming rise – which formed shortly after BTC (once again) broke $8k. The analyst suggests that Bitcoin breaking out of this bullish formation may result in another pump, sending BTC to its next level of resistance around $8.4k, adding that passing this level would provide proof that a correction has ceased.

This resistance level was also noted by another user who noted that this would mark BTC third attempt at breaking resistance around $8.4k – if successful the trader believes BTC could pump to $10k…

However, Josh Rager, a prominent trader, offers up a different obstacle in terms of resistance, suggesting that a weekly close above $8.2k may lead to a target of $9600.

So it seems as if we’re back on track aiming for the next level to break and with Bitcoin bursting back to 8k from 7k lows in mere minutes it's looking far more likely that $10,000 could be within reach…

What do you think? Are we headed to 10k or is another correction in store? Let us know your thoughts in the comments below!

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Read more about: Bitcoin (BTC)

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