Despite dump, analysts are still bullish on Bitcoin: "heating up for $10k"

23 May, 2019 | Updated: 23 May, 2019
by Will Heasman
Price Analysis
Despite dump, analysts are still bullish on Bitcoin: heating up for $10k

While today’s Bitcoin dump has woken a few sleeping bears from their slumber, the majority of bulls remain unphased about the short term future of Bitcoin, believing that this dip is little more than a bump in the road to $10k, so can we expect this soon?

Bitcoin (BTC) currently cites a drop of -2.82%, currently down at a price of $7631

BTC/USD Chart provided by Tradingview

 While BTC teasing resistance around 8k most likely caused the dip, many analysts have pointed out that this was actually bound to happen …

One such analyst, known as The Cryptomist, smugly told his follower that he forewarned of the drop and secured his profits for the month (oh la de da!)

The analyst then continues on to state that he expects a further drop to around resistance at $7.4k, and onto 6.8k if that breaks. However, as his charting points out, bitcoin appears to be currently positioned within a bull flag – typically indicative of a volatile move up:

BTC/USD Chart provided by Tradingview

Josh Rager, another prominent trader, and analyst, also noted this bull flag, pointing out that not much had changed. However, Rager caveats that this formation is neither bullish nor bearish and is simply there to show that a volatile move (in either direction) could occur:

BTC/USD Chart provided by Tradingview

However, another analyst, known as Crypto Rand, is slightly more bullish on this formation, noting that if BTC can break through upper resistance of the flag as depicted by previous, and similar moves, we could hit $10k …

Yet another bullish target came from SalsaTekila, who relayed that a close above $7k and bulls are safe, adding that a support/resistance flip around $8100 would provide a route to $13k. The bearish scenario is slightly more dire, with the analyst projecting a fall to the mid to high $4k levels should BTC close below $7000

BTC/USD Chart provided by Tradingview

Lourens Pepler, one of Chepicap’s own resident analysts, suggested that BTC’s relative strength RSI index was pointing downwards at a value of 61, adding that this wasn’t yet enough to call BTC bearish, relaying that if the RSI holds above 60 then we can expect more bullishness to come.

So it seems – for the most part -  as if the bulls can take a load off and relax until BTC is done moving sideways, however in this market, anything can happen.

What do you think? Do you agree with these calls? is Bitcoin going higher, or is there more pain to come?

Let us know your thoughts in the comments

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Read more about: Bitcoin (BTC)

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