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.
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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.
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.