Bitcoin [BTC] rose to a new yearly high near $11250 on 23rd June 2019. It has recovered about 57% from its All-Time High. Moreover, Bitcoin due to its speculative nature has followed a series of cycles consecutive bullish and bearish periods. Currently, the bearish pennant seems to be broken completely.
Bitcoin closed above $10,500 on the weekly chart, which is bullish according to two analysts. Tone Vays, Derivatives traders and crypto-analyst, Sawcruhteez suggest continued bullish momentum on Bitcoin on a weekly scale.
According to Tone Vays, the next bullish target for Bitcoin will be near the 62% Fibonacci line at $13346.
Tone emphasizes the shape of the candle and the sequential trading analysis. Apart from the 4-Hour chart, he suggested that all the other charts were timeframes were bullish. However, there was an ominous warning in Vays analysis. Vays and Crypto-Trader journalist, Ran Neuner bet on Bitcoin’s price correcting to $4500; Tone Vays still believes it is a possibility. According to him,
“Those that have no Bitcoin are probably in a little bit of panic and my advise to them is stay patient. Don’t panic.”
This warning was released because the rise is Bitcoin has been unprecedented above $4200. Nevertheless, the bears for Bitcoin who placed short orders near $3000-$5000 must be in massive loss. Richard heart, angel investor and Bitcoin trader tweeted,
“Best thing about this #Bitcoin price move? Bears should be totally annihilated by now…. If you shorted $3200 of #BTC at $3200 and closed at $11000 you lost $7800. 244% loss.”
Sawcruteez also predicted bullish tidings for Bitcoin at it broke the market reversal was verified by hyper-wave cloud pattern that is being followed by Tyler Jenks and Sawcruteez for a while now.