Bitcoin price stands to rally even further should it retest and surmount $9,700 in the near future
After an apartment of about $ 9,200 for weeks, Bitcoin price soared to $ 9,690 on leading exchanges. Cryptocurrencies were rejected at that high, dropping to $ 9,550 at press time. But Bitcoin will grow even more robust if it retests and surpasses $ 9,700 shortly.
Bitcoin price may soon rise to $ 10,400 if it passes this level
According to a cryptocurrency analyst, Bitcoin’s price action depends on how it will react to the current price zone. Bitcoin surpassing $ 9,700 will allow the asset to move to $ 10,400 while a drop below $ 9,400 can cause BTC to correct to $ 8,000:
“I believe we cant wait at a very pivotal level here. If we break above 9.7k, I would expect 10.4k, but I won’t get overly bullish before that Lose 9.4k and still have my eyes on 9.2k. If that breaks, I think this will all have been a fakeout, and we head to 8k Plan. Wait. React.”
I believe we’re at a very pivotal level here. If we break above 9.7k I would expect 10.4k but I won’t get overly bullish before that
Lose 9.4k and I’ll have my eyes on 9.2k. If that breaks, I think this will all have been a fakeout and we head to 8k
Plan. Wait. React. pic.twitter.com/PGLlbdKv5h
— TraderKoz (@TraderKoz) July 24, 2020
Medium-term BTC analysis by crypto trader “TraderKoz” | Source: TradingView.com
Kelvin Koh, a partner at The Spartan Group, is even more optimistic about Bitcoin’s prospects. Previously, former Goldman Sachs partner had argued that Bitcoin could make $ 10,000, then convert to $ 14,000:
“I have been saying that risk appetite has been rising, and it is just a matter of time before this bullishness spills over to $BTC and $ETH. I expect $BTC to convincingly punch through $10.5K and head to $14K in a jiffy. The party has started.”
I expect $BTC to convincingly punch through $10.5K and head to $14K in a jiffy.
The party has started.
— SpartanBlack (@SpartanBlack_1) July 22, 2020
Supporters hope that Bitcoin will hold above $ 9,700 to allow up to $ 10,400 as a basic rule.
As AZCoin News reported, the Office of the Comptroller of the Currency (OCC) suggested that US banks could deposit Bitcoin and cryptocurrencies.
Preston Byrne, a partner of Anderson Kill technology group, said that this news is extremely positive for this space:
“Crypto lending and saving maybe how the payment of interest becomes a thing again. Banks are desperate for yield. The faster they move, the more market share they’ll obtain. It will be interesting to see who moves first and how quickly they go about it. But really. Getting out of banking law and into crypto law in 2013 was the best career move I ever made. So much growth yet to come.”
This news is expected by analysts to increase the Bitcoin acceptance of retail users and institutions.
Two transactions were sent from addresses affiliated with the Bitfinex hack of 2016
According to Whale Alert, only about $ 5 million of Bitcoin from the addresses of hackers has been transferred to an unknown wallet.
It is unclear what is being done with these coins. But, there is a good possibility that they can be mixed, then liquidated through other platforms, exchanges, or locations. In turn, this may lower the price of Bitcoin.
⚠ 271.23 #BTC (2,582,633 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet
— Whale Alert (@whale_alert) July 24, 2020
Although there’s a probability these coins will be dumped, $5 million in the grand scheme of the Bitcoin market isn’t too much of a concern. For context, someone issuing a $5 million market sell on Coinbase Pro will drop Bitcoin by $40. What’s more of a concern than Bitfinex hackers liquidating this tranche arguably is the PlusToken Ponzi scheme.