Bitcoin is looking at a fresh yearly high if support sticks, analysts have claimed. | Source: Shutterstock
As bitcoin stabilizes above an important resistance level at $10,000, technical analysts anticipate the asset to establish a basis for the next rally.
Potential yearly high by the year’s end for bitcoin
Historically, following a strong breakout, bitcoin has tended to remain relatively stable for several months before initiating a large upside movement as seen in 2015 to 2016.
Josh Rager, a cryptocurrency trader and technical analyst, said suggested the possibility of bitcoin achieving a new yearly high by the end of the fourth quarter of 2019 if $9,000 as support is not broken.
“This current structure reminds me of 2015/2016 when Bitcoin did a 2.5x from the bottom followed by 6 months of sideways. Then out of nowhere an almost 2x in price as Bitcoin slowly trended up to new highs One thing is for sure, I don’t want to see that $9k support break.
To follow up If BTC price does break $9k, it’s not really any reason to panic as many buyers will likely step in by high $7ks For me, it’s having to sit through weeks of down/sideways price which makes for a slow market But patience is key.”
Bitcoin still has strong resistance levels and ranges to climb with an eye for a yearly high in the upcoming months.