The CEO of the blockchain-based crypto identity platform Civic says Bitcoin could soon rip through resistance and continue rising all the way to $12K.
Vinny Langham, who was bearish on BTC less than a month ago, says Bitcoin’s newfound return to volatility has him expecting a quick run to $12,000 followed by consolidation at $10,000.
This BTC action looks aggressive. Makes me think that we may blow through $10k and test $12k very soon, but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.
— Vinny Lingham (@VinnyLingham) May 31, 2019
Meanwhile, veteran trader Peter Brandt says BTC appears to have stabilized after its sudden drop from $9,000 to $8,400 on Thursday.
Brandt called Bitcoin’s collapse in January of 2018 and recently said Bitcoin’s recent parabolic rise could take the price of BTC as high as $300,000.
— Peter Brandt (@PeterLBrandt) May 31, 2019
Right now, Bitcoin is up 1.67% at $8,550 according to COIN360. Ethereum is up 1.06% at $264.45 and XRP is up 0.69% at $0.4297.
Technical analysts are tracking Bitcoin’s bounce after this week’s sell-off, with mixed outlooks for altcoins.
Bitcoin Magazine – Bullish market structure upheld following strong sell-off
XRP, Litecoin, Bitcoin Cash, EOS, Tron, Cardano
CoinCodex – XRP market consolidating on medium-term trend