Crypto analysts are recalibrating after Bitcoin’s sudden surge to around $8,800 at time of publishing.
Trader and strategist Josh Rager says he believes BTC will likely continue rallying toward $9,000 if it can close above $8,600.
However, he warns the king of crypto remains tightly correlated to the stock market and could retreat if equities suffer another significant pullback.
“Bitcoin continues to follow along the stock market S&P 500 mini-futures.
BTC will continue to go strong as long as stocks continue to push to 3,000 and above. The $8,600 level broke with ease but do want to see how the daily closes, if this area holds with $9,000 in sight.”
Analyst Scott Melker says BTC has firmly flipped two strong lines of resistance to support in the past 24 hours, noting a seismic and rapid shift in sentiment among traders.
“Bitcoin has retraced the entire drop from March 12th and is now trading higher than where it started. The day crypto ‘broke’ is now a distant memory.
Amazing how quickly sentiment goes from ‘I am waiting to buy the retrace to 5K’ to ‘I hope I can get back in at $8,100 on a dip.’
Meanwhile, veteran trader Tone Vays believes BTC is likely near a top at its current levels. He’s now taking profits after reaching his target on a long position.
“I have taken profit on the GBTC swing trade accumulated from $5,000 to $6,000. Was going to wait for the 4h TD 9 sell later tonight but stock market will be closed.
Also NOT worth risking 2 more days for the BTC Daily 9 sell. Bitcoin triangle target of $9,000 was hit so I’m good.”