Here’s why Bitcoin will explode higher after breaking $ 9000
Bitcoin seems to be trading at an important price area, as its reaction to the resistance facing at $ 9,000 could set the trend for BTC in the coming weeks and months.
Analysts now expect Bitcoin’s response here to create an uptrend. This occurs when bears become weaker and weaker.
Another factor that supported Bitcoin in creating even stronger momentum is that the whale has been stacking large Bitcoin buy orders, suggest that bears will need a large amount of selling pressure to spark the downtrend.
Bitcoin price recovered 60% of decline from $ 20k
This is the first time Bitcoin price has returned more than $ 9,000 since the beginning of November after the Chinese-created FOMO chain. As of the time of writing, BTC is currently trading at $ 9,079, with an increase of 2.49% on the day.
Things have been happening fast since Bitcoin’s geopolitical pump earlier this month, and it only took another ten days to explode from $ 8,000 to $ 9,000. The BTC price is likely to return to the price level with five digits.
Excitement has clearly spread throughout the cryptocurrency world. Binance US’s official Twitter account even posted a new update to show how excited it was when Bitcoin surpassed $ 9,000.
BREAKING: Bitcoin just broke $9,000 on https://t.co/AZwoBOgsqS
— Binance.US (@BinanceAmerica) January 19, 2020
Trader Fil₿fil₿ noted that the price of Bitcoin actually performed better than forecasted when it made $ 2000, equivalent to a profit of 28% in less than three weeks.
Analysts now have a bullish sentiment with many confirming through TA that the uptrend has actually begun. Nhà phân tích “Dave the wave” observed a rebound as the price approached a retreat of 0.610 Fib. According to him, BTC has already recovered near 60% of its decline from 20K.
In the short term, analysts expect the price to break above this important short-term resistance. According to UB, BTC may already be ready to move to $ 9,100 and be able to follow the recent breakout of ETH.
It’s due to a lack of understanding/ appreciating the exponential function [not to mention how to measure it with the log fib] that price gets away from many. BTC has already recovered near 60% of its decline from 20K. pic.twitter.com/1y8aE6WrT8
— dave the wave (@davthewave) January 19, 2020
The total market cap maybe witness a $ 350 billion mark next month
Total market capitalization has now reached 250 billion USD, the highest level since early November. Many of the altcoins are currently receiving support from Bitcoin today.
Almost all cryptocurrencies are involved in increasing the total market capitalization of cryptocurrencies due to the recent comprehensive price increases they’ve experienced over the past few days. Ethereum is currently trading at $ 176, with an increase of 4.77% for the day. Even XRP has reached $ 0.248, with a 5.99% move with a total capitalization of $ 10.8 billion.
The more the cryptocurrencies on the market rise in value, the more the impact will affect the total market capitalization of the cryptocurrency market.
In this regard, analyst Crypto Michael recently foresaw a fortune for all cryptocurrencies led by Bitcoin. He pointed to signs that would prove the total market capitalization will reach $ 350 billion in the coming months.
Total market capitalization is showing some interesting signs.
▫️ Bounced on the trendline created since beginning ’19.
▫️ Held the $173 billion support, important level from ’18 and April ’19.
This shows me that we could see $350 billion next months. pic.twitter.com/EGlu5HWSFk
— Crypto Michaël (@CryptoMichNL) January 18, 2020
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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