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If Bitcoin can reclaim $8,700, a push past $9,000 is likely, say analysts


www.chepicap.com 01 June 2019 13:30, UTC
Reading time: ~2 m

While Bitcoin may have stabilized at around the $8,500 range after concerns arose yesterday following the coin’s dip to around $8,500. Analysts are now predicting that if the coin can make a move to $8,700, Bitcoin will have the momentum required to push through $9,000.  

Bitcoin set a new yearly high recently, briefly touching $9,000. The surge resulted in a slight pullback, however, bringing the rest of the market down with it. It seems the bulls are once again in control as at the time of writing BTC is up 3.10% to $8,569.44. One analyst suggests BTC might be testing higher in the short term:

Zoomed in version.

You want this retest to hold and we'll head to the 618.$BTC pic.twitter.com/9hyTcPiEdv

— ₿-Eazy 💥 (@cryptoeazy) May 31, 2019

As Cryptoeasy points out, the best case scenario would see Bitcoin retest, reclaim, and then hold above the 0.618 Fibonacci Retracement level of between $8,000 and $9,100, which is sitting just short of $8,700.

Popular crypto trader, Josh Rager made a similar point. He says “A cross and hold above $8,731 would be bullish for a push back up to over $9,000.”

$BTC Best Monthy Close since 2017 (over 62% gain)

The formation is still in rising wedge on 1 hr (LTF) and price needs to make it's way back up to where the support/flipped resistance at $8731

A cross and hold above $8731 would be bullish for a push back up over $9k pic.twitter.com/IE3RQXpTHQ

— Josh Rager 📈 (@Josh_Rager) June 1, 2019

Additionally, head of Ikigai, Travis Kling took a moment to celebrate the crypto market’s performance over the month of May. He explains that Bitcoin put in its first top five monthly performance since 2013, rallying 158% since its December lows. If it does another 168%, BTC will be trading at $23,000.

Let's take a moment to celebrate May 2019. BTC just put in a Top 5 monthly performance (since 2013). It is now 168% off the lows from mid-December.

If BTC does another 168% from here, price will be $23,000.

Lol. pic.twitter.com/h3Il8d4chm

— Travis Kling (@Travis_Kling) June 1, 2019

BTC/USD chart provided by Tradingview

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