The king of cryptocurrency Bitcoin (BTC) down under and Bitcoin price action is throwing one disappointment after another at the investors since the 26th of June.
That’s precisely when the price hit thirteen thousand and eight hundred dollars ($13800) mark and the volatility reached its peak.
Albeit briefly, Bitcoin price hit the thirteen thousand dollars ($13000) mark twice since June 2019. While BTC price has been dwindling below eleven thousand dollars ($11000) for the better part of the last three months.
Bitcoin price chart by Trading View
While Bitcoin price managed to hit the twelve thousand dollars mark on the 6th of August 2019, the better part of three months within the ten thousand dollars ($10000) range speaks for the current state of the crypto.
Would Bitcoin price rally again?
Well, regardless of what the world believes, analyst and investor Josh Ragers believe that BTC price can take another huge rally.
Ragers is of the view that the BTC price is headed towards the eleven thousand and seven hundred dollars ($11700) mark once again.
However, what’s different about it this time is the nature of rally that would allow the king to take the big run everyone is desperately waiting to happen.
If you like $BTC at $10k than you’re really going to love when BTC closes above $11,700…
And resumes running through every resistance in its path to new all-time highs
Nothing sensational about this just look at the chart
Little will stand in the way besides profit taking
— Josh Rager(@Josh_Rager) June 22, 2019
The funny part is Ragers, hinted on this back in June as a joke, however, it turns out that the odds were in his favor. Now, months later, BTC price action has actually turned the tables in favor of his comic prediction.
$BTC updated chart on trading view
Back in June, I jokingly mentioned that closing above $11,700 would be the launchpad level before new highs
Funny thing is, the weekly was held below that level and Bitcoin has been sideways since
Updated price action is in pink on the chart pic.twitter.com/tG9nqn6SBQ
— Josh Rager(@Josh_Rager) September 10, 2019
The Ragers chart reveals that the launchpad Bitcoin price currently stands at the eleven thousand six hundred and ninety-eight dollars ($11689) mark.
The chart furthers that breaking past this point Bitcoin price would take a huge rally similar to the one back in 2017.
However, the price would not be rising up to a new all-time high this time around but rather raise up to the nineteen thousand six hundred and sixty-six dollars ($19666) mark. Bitcoin is hovering at the ten thousand and seventy-five dollars ($10075) at the time of writing.