Bitcoin Price Managed to Reach $9,800 but Is Nearly $9,600 Now, When Is Next Bullish Run?

UTC by Muhaimin Olowoporoku · 2 min read
Bitcoin Price Managed to Reach $9,800 but Is Nearly $9,600 Now, When Is Next Bullish Run?
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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.

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.

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.

Bitcoin News, Blockchain News, Cryptocurrency news, News
Muhaimin Olowoporoku

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.

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