Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds

The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed Bitcoin to set fresh year-to-date highs in the mid-$8,000 region, and despite facing several pieces of somewhat bad news, BTC has continued to surge higher.

Analysts now believe that Bitcoin is likely to surge into the $9,000 region in the near-future, which may be sparked as soon as BTC surges past its current resistance level around $8,200.

Bitcoin Once Again Nears Key $8,000 Region 

At the time of writing Bitcoin is trading up nearly 2% at its current price of $7,950, up from its daily lows of $7,700.

Over the past week, BTC has incurred some choppy trading that has caused it to trade between a wide range between roughly $7,000 and the lower-$8,000 region, with support existing at the former price and resistance at the latter.

Bitcoin’s upwards momentum that has allowed it to climb from yearly lows of just above $3,000 towards its current price levels have been overwhelmingly , and has persisted in the face of several somewhat negative revelations, including the New York Attorney General’s accusations of against Tether/Bitfinex, and yesterday’s delay of the VanEck/SolidX Bitcoin ETF application.

Currently, the next level of resistance that BTC must surge above exists around $8,200, and if this level is broken, the cryptocurrency may surge to fresh year-to-date highs around $9,300.

UB, a popular crypto analyst, discussed this possibility in a recent tweet, explaining that he believes BTC will surge towards $9,500 in the near future.

“$BTC – I’m long. – ETF delayed. – Range Low reclaimed on LTF (Must continue to hold for LTF bullish argument). I’d like to see the EQ reclaimed as support ASAP. The next test of ~$8.2k will be the 7th Test. I believe we make our way to $9.3k – $9.5k next,” he explained.

Analyst: A Break Above Lower-$9,000 Region Would Lead to Significantly Further Gains for BTC 

It now appears that the lower $9,000 region is Bitcoin’s monthly resistance level, which means that it will require a significant amount of buying pressure to be broken above.

Josh Rager, a popular crypto analyst on Twitter, discussed this in a recent tweet, explaining that a break above the aforementioned monthly resistance would provide a significant amount of strength for Bitcoin’s bulls.

“$BTC 1M Chart: Bitcoin breaking through multiple monthly horizontal resistances this month & it hasn’t looked back yet. A break above this level puts the next monthly resistance near $9200+ & weekly resistance at $9600. After these resistance areas break – watch out for bulls,” Rager noted.

As the week continues on and Bitcoin continues to struggle to gain its footing within the lower-$8,000 region, it is highly likely that traders and analysts alike will gain a better understanding of just how high BTC may surge in the coming weeks and months.

Featured image from Shutterstock.

The post Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds appeared first on NewsBTC.

Post written by our friend Cole Petersen and Syndicated from NewsBTC
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