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- Bitcoin is still in a sideways trend, but analysts are bullish for the next weeks and forecast an upward movement.
- Tether’s market capitalization is on the way to reach the $10 billion mark.
Bitcoin briefly rose to $9,800 after yesterday’s pump and initially failed due to this resistance. In the last 24 hours, the Bitcoin price has been trending sideways, falling by 0.34% to a price of $9,706.56. The market capitalization remains just above the $178 billion mark.
Commodity and Crypto Trader “Teddy” describes that Bitcoin continues to move in a narrow price channel that can be broken up or down. Should Bitcoin break out upwards, a further increase to $10,380 in the next few weeks is realistic. If Bitcoin does not manage to break through the strong resistance along the $9,800 mark, a correction to $7,450 could follow, according to the analyst.
Decision day has been postponed – slowly but surely reaching apex of greater trend.
— Teddy (@TeddyCleps) June 8, 2020
The well-known analyst “The Wolf Of All Streets” shows in a chart that Bitcoin moves in a narrow price range between $9,620 and $9,830. In his opinion, this setup is perfectly suited for the trading technique of scalping, as it allows for easy exploitation of smaller price movements and quick profits.
Pretty straightforward if you are looking to scalp. Long a breakout and retest as support of the local range top or short a breakdown and retest of the range support as resistance. pic.twitter.com/Bhf3si4D62
— The Wolf Of All Streets (@scottmelker) June 8, 2020
Bitcoin Trader “CRYPTOBIRB” states that Bitcoin has broken an important resistance along the $9,700 mark on the monthly chart and therefore expects the price to rise in the coming weeks. Nevertheless, he points out to his followers that volatility remains high and that the brief rise to $9,880 3 hours ago and the sudden fall has liquidated positions.
— CRYPTO₿IRB (@crypto_birb) June 8, 2020
Bitcoin has managed previous crises well
According to PlanB, analyst and founder of the popular stock-to-flow model, Bitcoin has matured significantly in recent years and is now preparing for a massive bull run. In a new tweet, he points out that Bitcoin was well-prepared for the launch of the CME Futures in 2017, and that many other important events followed in 2018 to date, which posed major challenges for Bitcoin:
Bitcoin looking sharp after shrugging off: – 2017 CME futures FOMO & hangover – 2018 US government ICO crackdown – 2018 SEC approval ETF hope & delusion – 2018 BSV fork – 2019 Bakkt futures fear & relieve – 2020 [pandemic].
The following chart shows the respective events and the price movements of Bitcoin immediately after their occurrence.
#Bitcoin looking sharp after shrugging off:
– 2017 CME futures FOMO & hangover
– 2018 US government ICO crackdown
– 2018 SEC approval ETF hope & delusion
– 2018 BSV fork
– 2019 Bakkt futures fear & relieve
– 2020 Corona virus pic.twitter.com/89UfdAHSl0
— PlanB 🔴 (@100trillionUSD) June 8, 2020
Blockroot founder and analyst Josh Rager says on Twitter that he expects the global equity and crypto markets to rise due to the current monetary policies of central banks:
I think we all agree that all markets should start pumping now. So who do we need to contact to make this happen?
The Altcoin market around Ethereum and XRP currently follows the price movements of Bitcoin at every turn. The price of Ethereum has fallen by 0.17% in the last 24 hours to a price of USD 243.31. XRP is also trending sideways (- 0.18%) to a price of USD 0.20 and Litecoin is currently trading at USD 46.14.
Tether on the way to a market capitalization of 10 billion USD
However, as analyst firm Skew notes, the market capitalization of Tether (USDT) is on its way to reach the USD 10 billion mark. Tether, the company behind Stablecoin, is suspected of having manipulated the Bitcoin price by printing new USDT. Furthermore, Tether is facing a lawsuit that investigates exactly this accusation in more detail. However, crypto investors remain unimpressed, as evidenced by the continued increase in demand for new USDT.
USDT market cap is marching towards $10bln pic.twitter.com/ebJXmS4SmV
— skew (@skewdotcom) June 9, 2020
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