Jun 24, 2019 20:36 UTC
Jun 24, 2019 at 20:36 UTC
Josh Rager Expects A Rapid BTC Price Rise
Well known crypto trader Josh Rager has called for a rapid rise in Bitcoin (BTC) prices after it crossed the $11,000 level for the first time over the weekend. After having an unstable journey last year, this should come as good news to bitcoin enthusiasts.
In a recent series of tweets, Rager made a bold prediction saying, once the BTC price breaks the $11,700 resistance, it will find minor resistance and reach new highs that we have never seen before.
Previously, he had said that every bitcoin bull cycle has been longer than the preceding one.
“During last bull uptrend & currently, there has been a pattern of at least 5 weeks of green before next major pullback…While I am still cautious between here & $11,700, this is only the 2nd week since last major pullback. Be wise, prepare for anything, but also take note.”
Rager estimates that we have completed just 25% in the current bull cycle until the price of bitcoin hits its next peak. He also points out that the Bitcoin price still has a lot of room for growth. Moreover, he also believes that there will be some resistance at $11,700 as the price of bitcoin tends to rally for 5weeks before hitting the breaks.
With the rising interests in Bitcoin, more money is flowing into BTC as hedge funds and institutional investments. This increased demands are pushing prices even higher. Due to this, it will not be surprising to see Rager’s price estimate of $60,000 actually coming true.
On the other hand, another group of crypto enthusiasts, recently tweeted that BTC price might reach $62,000 based on past trends and statistics, the timeline being around the end of October.
“Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.” said Galaxy in a tweet.
As exciting as the future of bitcoin seems today, one has to remember that with every boom comes a subsequent depression. One can only hope this sudden movement of bitcoin will not cost severely in the future.