Bitcoin quite rightly has shrugged off the sideways swamp which saw the king coin struggle first to break past the $8,000 mark and then the $8,200 mark. However, once the two levels were surpassed, as many analysts pointed out, the BTC price would quickly buoy to $8,700 and so it did.
At press time, the top cryptocurrency is priced just over $9,190 and is looking primed for a move upwards. The last time the price of the king coin was over the mark was during May 2018, as the crypto-winter stormed the market.
Given that Bitcoin was trading at below $8,000 as early as June 12, the nearly $1,000 price pump in the past four days has catalyzed not just the market but the future contract traders. Ever the opportunists, sensing an upwards price move, these investors have certainly revealed their feather and possibly the imminent future of the BTC market, as the price of Bitcoin Futures is already above $9,000.
As revealed by the BTC and altcoin trader, and the host of the CryptoMonsoon podcast, Crypto Monk, described the “clockwork,” move in a recent series of tweets. He referenced the same with the BitMEX Inverse Futures Contracts and BitMEX Perpetual Inverse Swap Contracts chart, which had the price of the same trading at $9,059 and $9,050 respectively.
“You all know what that means. It’s a matter of minutes/hours before the spot price catches up.”
Based on this setting of a Bitcoin price spot-futures catch up, the price rally could not stop at $9,000, with several analysts stating that $10,000 and even $12,000 are realistic targets.
MagicPoopCannon, despite the unfortunate name, in his latest analysis has revealed a very fortunate future for Bitcoin.