BTC/USD Will Eventually Hit $10,000 – Technical Scenario

BTC/USD Will Eventually Hit $10,000 – Technical Scenario

  • Bitcoin price is heading to levels above $10,000 sooner or later according to several bullish analysts.
    BTC /USD is stuck under $9,200 (initial resistance) as consolidation comes knocking.

It is an understatement to say that the past few weeks have been tough on cryptocurrencies, especially Bitcoin . After gaining traction towards $9,800, BTC /USD plunged last week back to areas below $9,000. On Friday, millions of Bitcoin long positions got liquidated. Recovery has since been drab with Bitcoin finding it an uphill task to sustain gains above $9,200. At the time of writing BTC /USD is trading $9,186.

Many analysts and traders believe that Bitcoin has the potential to hit levels above $10,000 sooner or later. On locking in these levels above $10,000, the largest crypto could gain momentum to higher areas with some saying “new highs” are possible. Macro BTC , a pseudonymous analyst is one of the bulls who see Bitcoin rising above $13,000.

“Macro BTC context: still think we’re heading towards $13K mid-term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later.”

Another commentator wrote in early June that “BTC very close to exploding. Break above $10,500 would break an over 2 year symmetrical triangle, 11 month broadening wedge , 8 month horizontal resistance.”

Bitcoin Price Technical Picture

Bitcoin is currently lethargic in its recovery owing to the fact the technical indicators are almost motionless. The RSI , for instance, is leveling slightly under the average. Upward movement has become difficult. Therefore, BTC /USD is likely to take up a sideways trading action in the near term.

The MACD currently confirms the sideways trading with its sidelong movement at the midline. Consolidation is not entirely a bad thing for Bitcoin as it would allow buyers to gather, gain strength and balance for another full-fledged attack on $10,000.

Bitcoin Intraday Key Levels
Spot rate: $9,195

Relative change: 10

Percentage change: 0.11%

Trend: Bearish biased

Volatility: Shrinking

Published at Tue, 30 Jun 2020 04:01:57 +0000

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