BITCOIN WILL BREAK OUT IF THIS HAPPENS!!!!!!!!!!!!!! [here is my EXACT target..]
Bitcoin continues to successfully recover lost positions and again approached the $ 12 level thousand, disappointing all skeptics hinting at another «bubble burst». Experts give optimistic forecasts for further market dynamics.
The previous growth was mainly due to the news of Facebook’s launch of its Libra cryptocurrency, which stimulated the attraction of new participants to the crypto market and encouraged existing players. This gave a strong impetus, which raised the price of MTC to almost $ 14 thousand, but after an exponential growth came a rapid decline, during which the rate fell back to $ 9.6 thousand. However, on June 2, the downward trend was broken, the market exited «bear trap» and a confident climb began.
At the time of this writing, the bitcoin rate (BTC) is $ 11 860 and increased by 4.19% over the last 24 hours.
Today the price briefly reached $ 12 060.
The overnight spike actually neutralized the bearish divergence in volume, opening the way for further growth.
According to Gaidar Hasanov, an expert «International Financial Center», Taking into account the fundamental factors of influence and the mood of investors for alternative instruments, in the near future, the Bitcoin rate is likely to rise to $ 12.5 thousand. From a technical point of view, on the hourly chart of the BTC / USD pair, a new connecting line of a bullish trend with support at $ 11,550 is forming. in the event of a breakdown, the psychological level of support is $ 10.4 thousand. If investors hold this level, then BTC has every chance to renew the local maximum of $ 14,000.
«In terms of fundamentals, large investors are wary of entering the market. They see bitcoins and other cryptocurrencies as alternative investments in an unstable geopolitical situation related to the trade wars between the United States and China.» – says Gaidar Hasanov.
Denis Lisitsyn, director of the asset management department of ERARIUM Group, believes that the cryptocurrency rate will grow, but this process will be accompanied by speculative impulse ups and downs in prices. In the next month, he does not exclude the possibility of reducing the price of bitcoin to $ 8-7 thousand, which will give growth potential to $ 15-16 thousand. Adding that the crypto industry machine cannot be stopped, all kinds of bans and restrictions will only have a temporary effect.
Recall that Bitcoin became the most volatile and profitable cryptocurrency in June.
text: Ivan Malichenko, photo: Shutterstock, graphic: coinmarketcap