Why Analysts are Adamant Bitcoin Rally is Just Gettin’ Started After 130% Gain

The past 12 hours have been a blur for the crypto asset market. In a matter of hours, Bitcoin (BTC) rushed passed key resistance levels at $8,000, $8,400, and $8,800. This marked the first time that BTC had decisively broken above $8,400 since May… 2018.

According to a number of analysts, Bitcoin closing its daily and weekly candle above $8,400 confirms that a move higher is still inbound. Per previous reports from NewsBTC, Level’s Josh Rager recently noted that now that the close was strong, he believes a foray to $9,600 may come to fruition. As he wrote in a recent tweet: “Goodbye meme triangle, hello $9k+ targets. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k.”

Yet, $10,000 might be just the start. Tom Lee, the head of research at Fundstrat Global Advisors, explained to his followers a few weeks back that by the time BTC hits quintuple digits, the fear of missing out (FOMO) will activate in those who “saw Bitcoin as dead forever.” In other words, once the aforementioned level is breached, a newfangled, jaw-dropping wave of buying pressure may grace these markets. Technicals also support the idea that once $10,000 is cracked, the sky may just be the limit.

Some have been a tad skeptical, however. Tone Vays, for one. In a recent interview with MMCrypto, explained that he “doesn’t trust this rally.” He went on to say that BTC could revisit $4,200 in June, 50% lower than current levels.