Bitcoin: Breakout successful – will a new rally follow?

Bitcoin: Breakout successful – will a new rally follow?

After the recent consolidation, the Bitcoin rally is on the rise again. After already regaining the 8,000 dollar mark on Wednesday evening, the Bitcoin continues its uptrend on Thursday with moderate gains. Some analysts are already seeing indications of a new rally.

For about eight days the Bitcoin was trapped in a sideways range between 7,500 and 8,100 dollars. Above all, the round mark of 8,000 dollars proved to be a tough nut to crack: Several short jumps above this resistance did not turn out to be sustainable, the hoped-for gains from the follow up failed to materialise for the time being.

In the late afternoon of Wednesday, the breakout took place: With a strong movement, the price jumped to just under 8,200 dollars. Even though a portion of the gains subsequently crumbled again, they still remain quite brave above the 8,100 mark on Thursday.

Crypto analyst sees buying opportunity

Rob Sluymer, technical analyst at Fundstrat Global Advisors, now sees good opportunities for further price gains and advises to buy. The reason: measured by the Relative Strength Index (RSI), the momentum is now beginning to turn upwards again, quotes Bloomberg from a recent study. Even bitcoin casinos are already preparing!

“With most crypto currencies a further breakout upwards seems to be in the offing,” says the analyst. “We expect the Bitcoin to start another rally in the direction of the next resistance between 8,800 and 9,000 dollars from the current level”.

Next target: 10,000 dollars

We still see air upwards with the Bitcoin. By jumping to the 52-week high of 9,008 dollars at the end of May, he already proved that the end of the flagpole at 8,000 dollars has not yet been reached. In the medium term, even five-digit prices are once again in the realm of the possible.

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