The last time Bitcoin ever trades below five-digits ever again, Analyst expect
Bitcoin has seen some noteworthy price action throughout the past several days and weeks. The crypto’s rally seems to have reached a boiling point yesterday, when it rapidly rose from the lower-$9,000 region to highs of over $10,000.
Buyers have since been able to maintain the cryptocurrency’s position within the upper-$9,000 region, although it does appear that $10,000 is becoming a heavy resistance level.
It is important to note that one analyst believes that Bitcoin is just a hair away from breaking above a key trendline that could ultimately cause it to see some massive gains.
He notes that a clean break above this level could be all that is needed for BTC to enter its next macro bull trend.
Bitcoin hovers beneath $10,000 as bulls defend against a rejection
He notes that a clean break above this level could be all that is needed for BTC to enter its next macro bull trend.
Yesterday was different through, as BTC is still trading just a hair below its daily highs as bull vie to push it even higher.
At the time of writing, Bitcoin is trading up over 5% at its current price of $9,860. This marks only a slight decline from daily highs of just slightly over $10,000 that were set yesterday evening.
One analyst explained in a recent tweet that the benchmark crypto is about to test its “R2 resistance” that was formed in the time following the crypto’s decline from its 2017 highs.
“BTC 1W log scale. Is this real life? Bitcoin price is approaching the important multi year resistance R2. Once we break it and consolidate above a new bull cycle will start!”
In the past, breaks above this level spark massive uptrends – as seen in the above chart.
How high may BTC surge in the days ahead?
With Step 1 and Step 2 completed, the last barrier between us and my 14k target is this 9.7k-10.5k region. If we break it now, 14k+ will likely come soon after. If we reject it, we will get one last dip before breaking it. Either way, 14k+ is coming imo. $BTC https://t.co/MF1YmZZMnI pic.twitter.com/FjFjPSJJFC
— Credible Crypto (@CredibleCrypto) May 7, 2020
If and when Bitcoin price breaks through $10,000 for the umpteenth time, it could be the last time the cryptocurrency ever trades below five-digits ever again.
Although that time looks to be soon, one prominent crypto analyst expects one final dip in Bitcoin, which could be investors’ last chance to ever purchase BTC at four-digit prices.
Todd Butterfield is the owner of the Wyckoff Stock Market Institute founded by financial market legend Richard D. Wyckoff in 1931.
Butterfield has made a number of successful calls throughout the recent bear market, and if his latest prediction is true, crypto investors will get that chance to buy BTC lower once again.
Daily roadmap I have been showing….he said.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Read more:
- Market Analytics: Bitcoin At $9.990 As Halving FOMO
- Global Macro Investor CEO: Bitcoin Price Will Hit $ 40,000 And Even $1 Million After Hitting $ 10,000
Source: Bitcoinist / NewsBTC