Reactions to Bitcoin’s sudden surge are pouring in. Bitcoin is up 7.35% at time of publishing after shooting from $9,367 to $10,607 in a matter of minutes. Here’s a look at the current landscape, with the market now a sea of green.
Fundstrat’s head of research Tom Lee is highlighting a new call from an analyst known in the industry as The Boot.
The analyst told his 19,000 followers on Twitter that Bitcoin is set for a massive surge to $14,000 in August and $18,000 in September.
Wow. Def bold and from someone who has made great calls… https://t.co/DW7frDA3sq
— Thomas Lee (@fundstrat) July 18, 2019
According to The Boot, Bitcoin’s four-digit days are numbered.
“We might never see four digits in this bull market. And unless Bitcoin breaks the macro trend, the bottom of the next bear market should be above $10k.”
Analyst Crypto Thies is on the same page and sent out a tweet just before today’s surge began, saying he believes Bitcoin is targeting $20,000 in 2019.
“While BTC is consolidating above its 2018 resistance and likely prepping for its next move of parabolic growth. October to January are historically the most bullish. Food for thought: It’s probable we see $20k in 2019. More importantly, we potentially won’t see sub $10k again.”
Analysts Josh Rager and The Crypto Dog told their collective audience of around 200,000 followers that Bitcoin’s new short-term target is $10,850.
This chart shows the area that needed to be broken in order to target higher
Now targets $10,850
No one can ever predict a $1000+ candle so this is exactly why you scale in as trying to catch the bottom is near impossible
Front running is a constant theme in the market https://t.co/mNWbM4QeEn
— Josh Rager ? (@Josh_Rager) July 18, 2019
10.4 met. No violent reaction, no rejection – $BTC looking decent. Let's see reaction at this next resistance.
Punch and close above $10850 and things start looking substantially bullish. pic.twitter.com/T8GYkO0KsI
— The Crypto Dog? (@TheCryptoDog) July 18, 2019
Economist Alex Krüger is taking a step back to highlight the differences trading traditional assets and investing in the nascent crypto market.
“Stocks take the stairs up and elevator down. Cryptos take the elevator down and rocket launcher up.”
Crypto influencer Joseph Young is warning traders to buckle up and says he’s expecting extreme volatility in the weeks ahead.
“I expect Bitcoin to show some extreme volatility in the upcoming weeks. There really is a need for investors to know exactly why they are investing in the asset class before investing. Chasing for short-term returns never turns out great for many investors.”
Finally, CoinDesk analyst Omkar Godbole is sending out a word of caution. He says Bitcoin’s short-term bearish trend will not be invalidated until BTC breaks above $11,080.
“The sudden rally could be associated with the massive unwinding of short BTC/USD positions (profit taking) seen in 30 minutes to 15:00 UTC, as reported by bot powered twitter handle @WhaleCalls…
A high-volume break above $11,080 would violate the bearish lower highs pattern and shift risk in favor of a rise to $12,000. Notably, the move above $10,000 is backed by a rise in buying volumes. Hence, prices could rise to $11,080 in the next 24 hours.”
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