Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
Bitcoin price has jumped close to $9,800 today but hasn’t succeeded in hitting $10,000 again. Now BTC is trading around $9,600.
In the last couple of weeks, Bitcoin price has remained within the $9,100 and $9,600 range going no further or lesser. The price action of the king of crypto has led many enthusiasts and analysts worried about when the next Bitcoin bullish run would be.
Some hours ago, however, the crypto price rose to $9,780 and returned in hours within the $9,100, $9,600 range. As at the time of writing, Bitcoin is trading at $9,631.
Analysts Explain When Next Bitcoin Bullish Run Could Come
According to Josh Rager, a popular and experienced Bitcoin trader, he explained that the crypto has to close above $9,575 on the four hours chart for it to set a new local high. For a new bullish run, Eager says that the crypto has to get closer above $9,265 on the daily chat.
Good ole retest of the trendline
If price closes above $9575 on the 4hr chart, would be a higher-high
Let's see if price can hold here, I'm bullish if price grinds back up after holding $9265 on the daily pic.twitter.com/5u2gnCwvR8
— Josh Rager 📈 (@Josh_Rager) June 22, 2020
Contradicting Rager is Byzantine General, another experienced trader. He says that amidst BTC’s short stint above the $9,600 level, it has remained in its regular price range. Hr said the crypto is yet to break through any resistance and still rejected above the $9,800 range.
After a 4% move that still didn't take us out of the range people are talking about a blow-off top.
Damn lads. It shows that some of you have serious bear market PTSD.$BTC
— Byzantine General (@ByzGeneral) June 22, 2020
Unlike Josh Rager and Byzantine General’s analysis, CEO of the data analysis company CryptoQuant stated that Bitcoin would enter a new bull cycle in the middle of July. He explains that many whales are beginning to withdraw their Bitcoin stock to external wallets. He explains that something similar happened in 2017 when BTC hit its record-breaking $20,000 high and last year when the crypto rose from $4,000 to $14,000.
Bitcoin Price Target for 2020
The year 2020 has been one to look out for as regards Bitcoin. The crypto has experienced serious highs going above $10k this year and lows below $4k this year alongside the Bitcoin halving that held last month.
Crypto enthusiasts and many investors also have high hopes for Bitcoin this year. They expect the digital asset to set a record high above $20k before the end of the year. That has been revealed in a survey conducted by Kraken. It was revealed that the target price for BTC by investors, traders, and enthusiasts this year is $22k.
Read other Bitcoin news on Coinspeaker.