The price of bitcoin has appreciated by over 175% over the last three months from $3,700 lows to the current $9,700. However, the coin’s uptrend has cooled off in recent weeks after entering a prolonged phase of consolidation just below the $10,000 region.
Despite the price lull, a crypto trader has noted a cocktail of bullish indicators that set bitcoin up for an upsurge to $15,000 in the near-term.
A Convergence Of Four Positive Factors Could Fuel BTC’s Price To $15K
The $10K zone has become a battleground for sellers and buyers. As buyers strive to push the price past the said level, sellers step in quickly and ruin the party. On June 10, bitcoin saw a short-lived run past $10k following comments made by Federal Reserve Chairman Jerome Powell. Unfortunately, the bulls ran out of steam as the price retraced back below $10k.
Nevertheless, trader Jon CC believes BTC just printed four bullish signs that may indicate a rally to $15,000 is well on its way. Firstly, the analyst observes that BTC has successfully flipped the $9.7k resistance into support.
Secondly, every BTC price dip is aggressively bought. The third bullish catalyst for price growth is bitcoin’s Awesome Oscillator (AO) reading which has failed to return to a neutral “0” reading. This simply suggests the official beginning of a new bull run. Finally, Jon CC points to the golden crosses that have been printed on multiple Exponential Moving Averages (EMA).
The trader argues that the convergence of these highly bullish indicators makes it really difficult for him to be bearish on the bitcoin price. He also shared a chart that shows that bitcoin is poised to pop past $15,000 by mid next month.