Bitcoin To $60k: Trader Believes This Is ‘The Bull Cycle’ We Wanted

The Bitcoin price is all over the news and many best cryptocurrency news sites are already predicting another bullish outbreak. Since BTC visited $11,300 yesterday, there have been talks about the cryptocurrency propelling further, with some stating that Bitcoin to $60k is definitely one of the possibilities.

The flgaship cryptocurrency is in an ever-growing chorus and is flying higher. According to one trader named Josh Rager, the bullish situation calls for a prediction. Rager has made a really bold prediction about BTC and said that Bitcoin to $60k is definitely how this nice journey may continue in the coming months.

In a series of tweets, Rager noted that the price of Bitcoin goes past the $11,700 mark soon, it will find little resistance and eventually break through to new highs that we have never seen before.

$BTC is likely to hit $60k+ this coming uptrend…

And people seriously forfeit 500% gains to try catch 10% moves with shorts

¯_(ツ)_/¯

— Josh Rager 📈 (@Josh_Rager) June 21, 2019

His 43,000 followers were excited following the Bitcoin to $60k price prediction. Following the latest cryptocurrency news, we can certainly say that Rager is a well-followed Bitcoin trader who never lacks technical data. Late last month, for example, he pointed out that every Bitcoin bull cycle has been longer than the preceding one.

$BTC Bull Market Cycles

As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend

Don't worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high pic.twitter.com/CCesZphBWD

— Josh Rager 📈 (@Josh_Rager) May 31, 2019

Given that Rager thinks that Bitcoin to $60k is a possibility and that the current bull cycle will definitely give us new yearly highs, the cryptocurrency still has a lot of room for growth. Hence, the thinks that there will be a resistance at $11,700 as the price of Bitcoin tends to rally for five weeks before hitting the breaks.

During last bull uptrend & currently, there has been a pattern of at least 5 weeks of green before next major pullback

While I am still cautious between here & $11,700, this is only the 2nd week since last major pullback

Be wise, prepare for anything, but also take note pic.twitter.com/hM5mvSZ0Ir

— Josh Rager 📈 (@Josh_Rager) June 22, 2019

Knowing that the last pullback was just a couple of weeks ago, Bitcoin should keep running higher despite the recent correction. As Rager’s technical analysis notes, if that happens, we could see Bitcoin breaking out past the $11,700 resistance and zooming further.

A lot of altcoin news sites featured other traders who are setting ‘Bitcoin to $60k’ targets. One of them is Galaxy, who recently painted a $62,000 price target on Bitcoin based on all the past trends and technicals. He further noted that the cryptocurrency could hit these levels by the end of October this year.

Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.

Another similar price increase puts BTC price at ≈$62K by the end of October 2019. #bitcoin $BTC pic.twitter.com/M7NkHthY2M

— Galaxy (@galaxyBTC) June 17, 2019

Meawhile, Fundstrat’s Thomas Lee was also in the news with his big price target on Bitcoin. He expected the cryptocurrency to quadruple once it is past the $10,000 FOMO level.