Bitcoin (BTC) Price May Revisit $8,300 Before Huge Rally: Analyst

News
Sat, 06/20/2020 - 14:36
Vladislav Sopov
Bitcoin (BTC) resisted the aggression of the bears this week but failed to take root above $9,500. So, traders are guessing about the next possible moves.
Cover image via stock.adobe.com
Contents

Crypto strategist Parabolic Thies, Creator of the indicator Market God, analyzed the Bitcoin's dominance chart and foresees a bright future for the Bitcoin (BTC) bulls mid-term.

Money Flows Out of Altcoins

An anonymous analyst who goes by the name Parabolic Thies (@KingThies) is sure that Bitcoin's dominance is ready for a rally. It may continue to grow above its actual level high of 66%.

Image via Twitter

This fact indicates that the altcoins are running out of money. This process is sustainable regardless of Bitcoin's price swings, the analyst highlights.

With that being said, the Bitcoin (BTC) bears shouldn't get too excited about a short-term pale performance for the king coin. However, a short journey between the $8,000-$9,000 zone may be on the menu for a flagship cryptocurrency. There are also two levels of significant importance here for Bitcoin (BTC) buyers.

The traders may comfortably buy Bitcoin (BTC) at $8,900 and then at $8,300. That's here the steam of bears must be lost.

Bitcoin (BTC) Still Looks Great

After the correction, the price of Bitcoin (BTC) has all the chances to break above the psychological level it has attempted to conquer five times since the infamous Black Thursday - the $10,000 mark. 

In the five-digit club, the first level of a support/resistance reversal is around $10,300, according to the analyst.

Other prominent cryptocurrencies experts share this general view. Yesterday, cryptonomics researcher Chris Burniske recommends not forgetting about Bitcoin (BTC) despite its performance looking weak amidst the only DeFi assets rally.

Burniske outlined that this discrepancy would only purge Bitcoin's narrative of its useless obsession. The researcher also warned that this distortion shouldn't "cloud rationality" for Bitcoin (BTC) traders.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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