Bitcoin is starting to show signs of a rebellion against the psychological factors that have kept it restrained from breaking through its key resistance figures. Since Bitcoin is seemingly unable to break down key resistances set at intervals, this move has weakened the leading crypto while pulling it in a bearish run in the past weeks. Crypto analyst and investor Josh Rager has given a courageous speech to his more than 72,000 followers after he said that bitcoin is on the verge of a remarkable comeback.
Bitcoin bulls would trigger surge soon
The analyst stated that Bitcoin just has a little move to make that will trigger a massive bullish outcome but sounded the fact that the bulls would need to offer more help than it is doing now. “BTC breaking above daily resistance. [Bitcoin is] showing no mercy to bears and is on route to try to break above $10,300. Closing above $10,370 would be insanely bullish”, Josh Rager said.
Crypto analyzing platform, Saintment has stated that the rise in valuation of the leading digital asset is shown in the recent yearly on-chain and social fundamentals. The firm further noted that with all the robust outcome the digital asset is showing every year, the monthly timeline is an entirely disappointing story. The firm said, “On the yearly timeframe, BTC shows a clear rise in DAA, trading volume, and an up-and-down social volume. Though this price could hold and push toward $11,000 and beyond, the shorter-term monthly is more of a small decline for these same three metrics since the beginning of May.”
Investors advised to wait it out, Saintment says
Due to the rate at which the data are confusing, crypto analysts at Saintment have suggested that investors should just watch how the pattern goes while waiting it out, and if eventually, FOMO drives the price higher, they can choose to invest. Currently, Bitcoin is trading at $10,117, which means it has posted a massive 5.98 percent surge. The leading asset was said to have recorded a 24-hour surge of $10,119 according to the data released by CoinMarketCap.
According to analyst Phillip Swift, he noted that since Bitcoin already broke out of the 2 year MA back in April, the coin can only move as high as the $20,000 mark. “$BTC has been super bullish since it broke out above the 2yr MA. We got our chance to accumulate below it b4 the hedge fund guys got all excited about Bitcoin. Next stop now the 2yrMA x5 [over $20,000]”, Phillip said.