Main navigation

Bitcoin Suddenly Spikes to $8,000 After Minor Pullback, Fundstrat’s Tom Lee Claims Today Could Be Another ‘10 Best Days’

News
Mon, 06/10/2019 - 14:30
article image
Alex Dovbnya
✔ ?This is yet another confirmation that technical analysis doesn’t always apply to the cryptocurrency market✔ ?
Bitcoin Suddenly Spikes to $8,000 After Minor Pullback, Fundstrat’s Tom Lee Claims Today Could Be Another ‘10 Best Days’
Cover image via 123rf.com
Read U.TODAY on
Google News
Contents

The Bitcoin price has suddenly surged 6 percent, thus defying bearish predictions. The bulls have to record further gains in order to make sure that this price spike wasn’t just a flash in the pan.

BTC’s speedy recovery

On June 10, Bitcoin experienced a minor downturn with its price dropping 5 percent. That gave the breeding ground for many gloomy predictions. Some technical analysts suggested that BTC was on the verge of a bearish reversal.

The BTC price plunging below the $7,400 level would serve as a surefire sign for the bears to act up. That price range would create a head-and-shoulders pattern that indicates a bearish reversal.           

Hence, it was a “make-it-or-break-it” moment for Bitcoin, and it made it.

Related
WSJ: Bitcoin Price Could Hit $50,000 as Options Traders Become Aggressive

Expectations are useless

Cryptocurrency trader Josh Rager claims that he himself didn’t expect such a price pump due to growing bearish sentiment. It just goes to show you that trading analysis can be useless when it comes to such an unpredictable asset class as Bitcoin. Now, Rager floats the possibility of a daily close above $8,200.

One Twitter user notes that BTC could touch $9,500 with sufficient volume since the bears failed to tank the price on numerous occasions.

Meanwhile, Bitcoin bull Tom Lee predicts that today could be another “10 best days” for the king of crypto.

article image
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.