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. 

 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

Forewarned this drop earlier, and secured most of this months profits.
I expect us to drop further and test support upon 7.4k region
1D Rsi still needs to drop
If this support breaks, 6.8k is next regional support

Trade safe loveys 😊 pic.twitter.com/zek3UQY6mi

— The Cryptomist (@TheCryptomist) May 22, 2019

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:

P.S. - The Formation is neither bullish nor bearish

It's there to show price is condensing & a volatile move will likely follow

Watch the price levels and that will give you a clue on where price could be heading

Check out @CanteringClark's chart belowhttps://t.co/nETMfonKET

— Josh Rager 📈 (@Josh_Rager) May 23, 2019

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 …

Nailed the local top. #Bitcoin still on track and following my path. No reasons to be worried for now. pic.twitter.com/bH5Sj1dMZd

— Crypto Rand (@crypto_rand) May 23, 2019

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

I remain bullish on $BTC for as long as we're trading above 7000$ (grey box) on a closing basis.

1) Definitive SR flip of 8100$ = 13'000$ target

2) IF we lose top grey box, I'll be expecting 4650-4900$. pic.twitter.com/NzWzXpkEZj

— SalsaTekila (JUL) (@SalsaTekila) May 23, 2019

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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