A big bullish weekend is usually followed by a red Monday for bitcoin and crypto markets but this has yet to materialize. BTC has continued to climb and is now back at its 2019 and fifteen month high again. Further gains are likely and if Bitcoin can repeat is previous six month’s performance big things are in store.
Bitcoin Back Above $11,000
Bitcoin has made it back to its yearly high point of $11,200 during Asian trading today. It is the third time since breaking the five figure barrier that BTC has hit this resistance point so a move above it could be on the cards. Yet again a predicted pullback has failed to materialize as BTC defies the correction calls.
A marginal dip back to $10,800 did happen yesterday but the general trend over the past 24 hours has been steadily climbing. Daily volume has dropped below $20 billion, but only just. The king of crypto is up an impressive 20 percent since this time last week.
That sounds good but an even more impressive figure is the 250 percent BTC has made since its low in mid-December. From a bottom of $3,200 Bitcoin has climbed to a top of $11,250 in just six months. A repeat of this performance with a further 250 percent from today’s prices will put BTC very close to $40k. Trader and investors Josh Rager thinks it could be even more:
“Solid point here. Now $BTC has topped this weekend at 259% increase since the bottom. Another 259% from this point would lead Bitcoin to $40k”
https://twitter.com/Josh_Rager/status/1143131277618483200
Can BTC Rip to $13,500?
A few hours ago Rager added that a break of resistance at $11,500, which is only $300 away now, may cause BTC to surge all the way to $13,500. There is very little resistance in-between on the weekly chart and the 0.618 Fib retracement level also lies here.
“$BTC break and close above $11,500 could likely lead price to rip up to $13,500+. Large gap in volume profile and no major resistance above. I’ll putting in a confident buy/long (with a stop) for a possible opportunity for a $2k move.”
https://twitter.com/Josh_Rager/status/1143186940604366849
Bitcoin’s recent retest above $11k has lifted total crypto market capitalization to $333 billion. BTC now commands almost 60 percent of the entire market and is showing no signs of abating. Great news for the Bitcoin maximalists, but not so pretty for those holding altcoins.
Gains are still very marginal for most of them and many are still down over 80 percent from their peaks. Bitcoin is still commanding things in crypto land this week.
Image from Shutterstock
