Bitcoin Price Has Good Chance to Rally Above $11,000 if This Scenario Plays Out

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Wed, 06/24/2020 - 07:20
Alex Dovbnya
The Bitcoin price needs to close above $10,000 on the two-day chart to continue its bullish momentum, according to trader Josh Rager
Cover image via stock.adobe.com
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In a recent tweet, cryptocurrency trader Josh Rager notes that $10,000 remains ‘the holding ground’ for the Bitcoin price.     

Rager believes that Bitcoin needs to print a daily close above the aforementioned level to continue advancing further.   

Such a bullish close would allow the BTC price to ‘rip up’ all the way to $11,000, according to the trader.        

image by @Josh_Rager

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Days above $10,000 are rare

Bitcoin is yet decisively close above $10,000 on the two-day chart in 2020, which has so far been a very tumultuous year for the crypto market.  

After surging to roughly $10,500 on Feb. 13, the Bitcoin price dropped 63 percent within the next month.

The flagship cryptocurrency came close to taking out its yearly high on June 1, but a ten percent rally to its local peak of $10,429 ended up being a head-fake move that trapped the bulls.   

image by tradingview.com

Bloomberg’s indicator recently showed that the crypto market was in a negative trend after Bitcoin retraced to the low-$9,000 level. 

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It’s about to fly

After five days of uneventful range-bound trading, the bulls took the wheel on June 22 and pushed BTC to $9,800 on news of PayPal facilitating crypto trading.

With Bitcoin moving closer to five digits, Miller Tabak & Co's chief strategist Matt Maley recently predicted that its price would ‘fly’ after breaking above $10,000. 

Momentum is a very important driver in the marketplace right now, so if Bitcoin, which is no stranger to momentum, can break out, it’s going to fly.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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