The correction that never was has fizzled out again. The bears were beaten back and Bitcoin’s predicted pullback has been thwarted for a second time in as many weeks.
A number of failures to break resistance at $8,300 has sent Bitcoin on a path of retreat which many expected to end in the $6,000s somewhere. But for the second time in as many weeks the correction corrected and BTC bounced back.
According to Tradvingview.com bitcoin price hit a low of $7,470 a few hours ago before turning around again and marching back up. During today’s Asian trading session BTC returned to $7,850 adding 5 percent on the day.
$10K in Two Weeks
Things are still very bullish for BTC/USD 00 and if the trend continues on its current path it could well be into five figures as early as next month. Bitcoin economist and Founding Partner at Adamant Capital, Tuur Demeester, has taken a look at the charts and mapped the bullish scenario parabola.
— Tuur Demeester (@TuurDemeester) May 23, 2019
A continuation of this scenario would see BTC at $10,000 by early June. Considering that Bitcoin has not dumped back to $6k after several attempts it would be fair to say that the path of least resistance is to the upside.
What About a BTC Pullback?
A couple of days ago Bitcoinist reported on the likelihood of a 30 percent pullback. This scenario has happened several times over the previous market cycles so is likely to happen again. From current prices a dump of this magnitude would send BTC spiraling back down to the mid $5,000s.