Bitcoin price upside momentum is gaining traction as a break above $12,500 serves as an upside catalyst. Considering that the price growth is accompanied by increased trading volumes, one might suggest that the trend will gain traction.
Bitcoin (BTC) has risen above $12,900 for the first time since Jan. 21, 2018, touching a new high for 2019 at $12,919, according to CoinMarketCap.
On June 26 at 03:00 UTC, Bitcoin broke out from a bullish pattern, rising in quick succession above $12,000 on strong momentum and high volatility. As of press time, it was still on the rise for 12.31% to $12,721.73.
This growth was, of course, welcomed by the Crypto Twitter:
They were laughing at us in the bear market.
“Bitcoin is going to zero.” “Bitcoin is worthless.” “Bitcoin is down 80%.”
Bitcoin cranking up, but the real winners, beginning soon, pwill be the alt coins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market – Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks. pic.twitter.com/Mgh8KVd4M2
This stage of Bitcoin is clearly driven by FOMO, and the market repeats the situation of late 2017. Also, let’s not forget all the fuss that’s made around Facebook’s Libra coin and potential crypto ban in India that is also one of the major catalysts to the Bitcoin’s rally.
Bitcoin has been growing strongly for eight days in succession, which is the longest period of uninterrupted growth since December 2017.
As BTC/USD is trying to take out a new barrier at $12,500. Once it is out of the way, the next bullish target of $13,000 will quickly come into view.
Crypto analysts that stand under the nickname SFOX wrote in his blog:
“The relatively sustained increase in BTC’s price over the past couple of weeks has many crypto veterans and newcomers alike comparing the state of the market to the bull market of late 2017. But the full picture of the similarities and differences between BTC’s two $11,000+ moments illustrates how far crypto has come in a relatively short time — and where it still has opportunities to mature.”
The weekly chart is actually showing us that the key levels of support and resistance stand at $11,500 and $13,700, and staying close above or below those levels would dictate the direction of the trend for either a continuation or a pullback in its price. That means that if market conditions would maintain their current growth, BTC could surpass $13,500 resistance in just a few days.
On the other hand, if prices fall below $11,500 then $11,000 would be considered psychological support zone.
Analyst Josh Rager thinks that after it surpasses $14K there will quickly come new all-time records:
Other altcoins shared its trend. ETH rose 5.86% to $332.25, XRP 1.56% to $0.48 and BCH went up for 2.19% and stands firmly at $490.65.
The truth is, Bitcoin’s value is now jumping for the last eight trading sessions in a row, bringing its overall return for the year to 250 percent. Even though it is still a little below its peak of more than $19,000 reached at the end of 2017, we believe that this will happen soon as well.
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Fresh decline in the market is considered by some to expose Bitcoin price to a potential return to $7,400. In contrast, other analysts suggested that BTC’s recent trading into a falling wedge is a bullish pattern.