The bitcoin price has surged to a new 2019 high once again at $11,381 less than 24 hours after climbing to $11,200 on June 24.
Analysts like Fundstrat’s Thomas Lee, RT host Max Keiser, and technical analyst Peter Brandt foresee the bitcoin price reclaiming its all-time high at $20,000 in the near term as the dominant crypto asset continues to see its momentum strengthened.
Where is the ceiling for bitcoin?
According to David Puell, the Head of Research at Adaptive Fund, strong resistance for bitcoin can be found at the $13,800 to $13,900 range.
There exists a possibility that the asset may consolidate as it reaches that range considering the lack of resistance between the current level to the $13,900 mark.
However, Puell indicated that if the bitcoin price powers through the $13,900 resistance level, it could send bitcoin to a new rally, potentially towards its record high.
“About to battle magnificents foes, the monthly and quarterly resistances at $13,800-$13,900. Fight might be bloody and tiresome, but once we claim victory, lads, by all means, all bets are off,” said Puell.
Initially, when bitcoin spiked over $10,000, a level widely regarded as a key psychological range for investors, analysts generally expected alternative crypto assets to recover against both bitcoin and the U.S. dollar due to rising sentiment around the crypto market.
In the past week, bitcoin has outperformed most crypto assets in the likes of XRP and ether,