All Eyes On $10,000: Can Bitcoin Break Past This Key Level?

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Just 30 or so minutes ago, Bitcoin made an attempt at $10,000, breaking past $9,900 for the first time in about forever to jump as high as $9,950. The price spike, unfortunately for bulls, fell short of the ever-so-important five digits.

Though, the price of BTC is not done yet, with the price falling only to $9,890 as of the time of this article’s writing, suggesting that crypto bulls may soon again attempt to catapult Bitcoin over $10,000.

The question is: will it happen?

A number of analysts have recently weighed in on this very question.

Related Reading: Here’s Why a Politician Says U.S. Must Smarten Up on Crypto Regulation

Will Bitcoin Break Past $10,000 for First Time in Months?

Prominent cryptocurrency trader Calmly is still confident the price of BTC will soon break past $10,000, writing in a recent analysis that he is “still looking for $10,900,” noting that Bitcoin is clearly trending higher and won’t encounter much resistance until his target price — 10% higher than current prices.

His call for further price appreciation has been echoed by Fundstrat Global Advisors’  Rob Sluymer.

In a recent research note for Fundstrat shared with Bloomberg, the analyst wrote that he expects Bitcoin to rise into the $10,000 to $11,000 price range over the coming months, citing BTC’s historical trend of retracing 50% to 62% of long-term market trends. The analyst continued:

“Bitcoin appears to be in a textbook re-acceleration. [The pullback should be relatively shallow, followed by] resuming its longer-term uptrend into year-end.”

This is notable as the analyst has called “key turning points in the digital currency” in the past; indeed, in May of 2019 he called for investors to buy Bitcoin, and at the end of June, he predicted a steep pullback.

The Crypto Dog was a bit more nebulous in his analysis, remarking on Twitter after Bitcoin spiked to $9,950 that the cryptocurrency “either gets shut down hard here, or we’ve got a monster green candle inbound.” He pointed to the cryptocurrency testing a confluence of two resistances: an overhead resistance uptrend and the horizontal resistance just shy of $10,000.

Financial Survivalism — the pseudonymous trader who at the start of 2020 called that Bitcoin would surge to the $9,000s in the weeks that followed his call — offered some caution.

He noted that per the textbook Wyckoff schematic of distribution, there is a strong likelihood BTC’s fakeout at $9,950 could be a precursor to a retracement to the low-$9,000s, citing the price action’s similarity to the textbook pattern.

Featured Image from Shutterstock

     
 
 

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