The cryptocurrency trader and co-founder of Blockroots, Josh Rager, explained that the current market structure of Bitcoin reminds him of 2015 and 2016. He said that Bitcoin (BTC) surged almost 2x and trended up before reaching new highs. Nowadays, Bitcoin is getting closer to $11,000 after leaving the four-digits level behind.
Bitcoin Could Reach New Highs
In a recent tweet posted by Josh Rager, he explained that if Bitcoin price does break $9,000, there is no reason to be worried about it. He considers that there are several buyers that would enter the market if the most popular digital asset breaks under $8k. Nevertheless, he said that patience is key for traders despite the current sideways behaviour of Bitcoin.
On Twitter, he wrote:
“This current structure reminds me of 2015/2016 when Bitcoin did a 2.5x from the bottom followed by 6 months of sideways. Then out of nowhere an almost 2x in price as Bitcoin slowly trended up to new highs. One thing is for sure, I don’t want to see that $9k support break.”
There are several crypto analysts that consider that Bitcoin is going to be growing in the coming months and years. One of the main reasons behind a new Bitcoin bull run could be related to the halving that this digital currency is going to be experiencing as soon as in May 2020. Bitcoin miners are going to receive just 50% of the current rewards, meaning they will be rewarded with 6.25 BTC rather than with 12.5 BTC per block.
With a lower new issuance of BTC, and a demand that could grow in the future, the price of the most popular cryptocurrency could start trending up once again.
Furthermore, John Bollinger, the inventor of the Bollinger Bands indicator and a recognized trader, said that Bitcoin is coming into an important juncture. The same is happening with other important altcoins.
We are coming into an important juncture of $BTCUSD and the important alts. The setup is not complete and we will need confirmation, but now is a good time to start thinking about how you will play the next move. #BePrepared
— John Bollinger (@bbands) August 30, 2019
Bollinger Bands are used for traders to understand how overbought or oversold a market is. If the price moves closer to the upper band, the market could be in an overbought situation, if the opposite happens, this could indicate an oversold condition. Moreover, if the bands get closer to the price level of a particular asset, this shows lower volatility in the market.
At the time of writing this article, Bitcoin is being traded around $10,720. According to CoinMarketCap, Bitcoin has a market capitalization of $192 billion.