Bitcoin (BTC) is currently taking a breath and trading sideways after incurring massive buying pressure over the past couple of days that sent it surging into the $9,000 region, where it set fresh year-to-date highs.
This upwards momentum confirms that Bitcoin is currently in a firm uptrend, and analysts are now noting that the cryptocurrency could surge significantly higher in the near future, based on a historical analysis.
Bitcoin Stabilizes in Lower-$9,000 After Recent Surge
At the time of writing, Bitcoin is trading up 2% at its current price of just below $9,300, up significantly from 24-hour lows of roughly $8,800.
While looking at BTC over a one-week period, it becomes abundantly clear that the cryptocurrency’s bulls are currently in full control, as it has been able to surge from lows of $7,800 to highs of over $9,300.
This upwards momentum marks a significant extension of the buying pressure that Bitcoin first incurred in early-April when it was trading at $4,000.
As for where this upwards momentum could lead BTC in the near future, it now appears that the next two major levels of resistance exist at $9,500 and $11,500.
DonAlt, a popular cryptocurrency analyst on Twitter, spoke about these aforementioned levels of resistance in a recent tweet, also noting that although BTC could dip to $8,000, significant buying pressure currently exists below that price level.
“$BTC weekly update: Strong weekly close engulfing the price action of last week. The only two significant resistances left are ~9500 and ~11500. A potential buy the dip area is ~8000. Loads of support below. Next support: 8000-8400 Next resistance: 9350-9550,” he explained.
Analyst: BTC Could Surge Towards $62k This Year… If History Rhymes…
Although theories regarding any massive parabolic movements in the near-future remain purely speculative, one prominent analyst is now noting that Bitcoin could surge to above $60k based on historical price movements, which could happen as soon as Fall of this year.
Galaxy, another popular analyst on Twitter, discussed this possibility in a recent tweet to his over 50k followers, noting that 2017 had a candle formation similar to one that BTC just formed, which was closely followed by a 570% price increase over a 147-day time-frame.
“Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days. Another similar price increase puts BTC price at ≈$62K by the end of October 2019,” he noted while referencing the below chart.
As the week continues on and analysts continue to watch how Bitcoin responds to its newfound position within the $9,000 region, it is likely that investors will begin to understand whether or not another parabolic price movement is truly imminent.