It's always two fold, getting to $10k again because the sentiments are positive or going South as some are predicting, like in the range of $6k-$7k.
So it's really hard to see where the price will go, recently we see the price surging to $8500 but suddenly went down again to $8300, which indicates that we are in the borderline as of today with no clear path as to where it will go. Of course, we wanted to see the price reaching five digit mark but we will have to see what will be the sentiments at least at the end of this month, so gauge where we are going in short term.
Topic: Bitcoin Price Could Soon Surge by 20%? - page 3. (Read 477 times)
What I think will happen is we might reach the $10K area once again but it might end up being another bull trap like in May 2018.
Looking at the weekly charts the $9100 area is the price we need to clear. However I am expecting $9100 to get tested within the next few weeks and also we might touch the $10K area again briefly. However if we manage to close below the $9100 area on the weekly charts then it spells trouble for BTC probably at least until the next halving.
Reason why is because right after every Bitcoin rally there is a support level formed which gets tested many times and eventually breaks that level and what follows is a rejection of that level. The rejection level is the $9000 area.
So basically not a good idea to long or short, need confirmation first.
Looking at the weekly charts the $9100 area is the price we need to clear. However I am expecting $9100 to get tested within the next few weeks and also we might touch the $10K area again briefly. However if we manage to close below the $9100 area on the weekly charts then it spells trouble for BTC probably at least until the next halving.
Reason why is because right after every Bitcoin rally there is a support level formed which gets tested many times and eventually breaks that level and what follows is a rejection of that level. The rejection level is the $9000 area.
So basically not a good idea to long or short, need confirmation first.
although i am hoping to see $10k sooner than later but i am starting to think that we may end up experiencing another prolonged and boring stable phase like what we had at the beginning of this year with $3k range. of course it is still too early to say and things are still unpredictable. but we are now entering the third week of price being in this range and the market has been calming down a lot too which makes me more confident in what i said.
This is a good analysis and I would be watching for this if this can really be coming trues in the next few days. We are all longing for Bitcoin to get back to the $10K zone as soon as possible. While Bitcoin has been struggling, I can also feel that there remains an energy within the coin to break through this level.
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I know that we are just speculating here but market sentiment can be a big factor for the movement of the price of any commodity or currency. Are you of the same argument or do you see that Bitcoin will instead go south and be trading below the $7,000 within the coming week? Is Bitcoin now ready to take over the $10,000 price range?
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