Bitcoin has been on an epic roller coaster so far this year, and it looks like we’re in for even more action than we bargained for.
Over the past few weeks, Bitcoin has risen and dipped rather violently, failing to storm through the $10,000 resistance level and hold its position.
However, Bitcoin is following a strong upward trend and if it continues on this path Bitcoin could finally hold above $10,000 for the first time since February.
A Strong Upward Trend is Keeping Bitcoin Growing
If you were a Bitcoin casino player back in March, chances are your heart sank if you didn’t cash out before the mega dip that saw Bitcoin plummet from $7,980 all the way down to $3,844 at one point.
While this was an amazing opportunity for you to refill your Bitcoin wallet, it also triggered the beginning of the next Bitcoin upward trend.
Since then, Bitcoin has been climbing up, creating new higher lows every step of the way.
Along the way, Bitcoin has tested the upward trend, namely on May 26 when it touched $8,650 and again on June 7 when Bitcoin dipped ever so slightly out of the trend when it hit $9,300.
That is the only breach of the trend line so far, and is a great sign for things to come in the upcoming days and weeks.
If the trend manages to hold in place, we could see Bitcoin climb up to the $10,500 level and manage to create a new support zone.
Great News for Bitcoin Casino Players
This uptrend is great news for Bitcoin casino players as you can use it to keep an eye on the best time to buy and sell your Bitcoins to maximize your profits.
If the trend remains in place, now looks like a rather good time to top up your Bitcoin wallet and load up.
If you’re on the other end and you’re looking to unload profits, we recommend you hang on to your Bitcoin just a bit longer.
If this trend line remains in place, we could see the top end of $10,000 and even potentially $11,000 in the coming weeks.
In order for the trend to be considered broken, we would need to see three closes below the current trend line.
To put that into perspective, we’ve yet to see a single close outside of the trend line that began back in March.
Is the Next Bull Run Here?
A lot of people have been asking if the next bull run is here, and while we can’t say for sure if it is, there’s a lot of potential for this to be the beginning of said bull run.
The halving event means that miners are making less money per block, so there’s more incentive to hold on to block rewards in order to push the price up so that they can resume making a great deal of profit.
If this is the case, then we could see the real action and more bullishness appearing as we head into the year, more specifically around August and September.