Bitcoin Likely to Break Past $10,000 in Next Bout of Price Volatility
The Bitcoin (BTC) price is once again in a lull-like state, having seen barely any bouts of volatility over the past few days. Due to this, trend indicators have begun to tighten, as has volume, signaling to many that volatility is inbound.
While this impending bout of volatility could easily bring BTC back down to the $8,000s, potentially in a move that may establish new multi-month lows, analysts are currently leaning bullish on Bitcoin, having observed a confluence of positive technical signals that imply upward continuation.
Related Reading: Bitcoin All-Time High Organic, Not Single Whale Manipulation, Says Vaneck Analyst
Bitcoin Ready to Burst Past $10,000?
Popular Twitter analyst Crypto Thies recently noted that Bitcoin is currently looking rather positive as the volume moving average implies incoming volatility. In the chart below, he showed that when BTC bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average.
Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So
Saturday December 14, 2019
Over the past few weeks, Bitcoin (BTC) has found itself consolidating in the low-$7,000s, holding this key support region as bears threaten the cryptocurrency’s demise. While this consolidation has been bullish, in that selling...
The post Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So appeared first on 12bitplay - Bitcoin Play.
As soon as $BTC bounced off of the .618, many should have started hoarding #bitcoin like it was …well, Bitcoin.$BTC Bears beware…you may not want to short this next 'attempted' pump
As price sits at $9.4k as of this post, my notes below highlight what to expect in Nov/Dec pic.twitter.com/XfBE6Kf0Yz
— CryptoThies (@KingThies) November 6, 2019
As we draw near the end of 2019, the events surrounding Bitcoin on a weekly basis are growing increasingly important, as how BTC trades within the next couple of weeks could set the tone...
He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks. Although Thies didn’t give a concrete price target, his chart implies that BTC’s price will begin to flirt with $14,000 again by early 2020.
Thies isn’t the only one expecting a move beyond $10,000 in the coming few weeks and months. A fractal pointed out by Starbust implies that Bitcoin will rally to the upside to retake $10,000 and beyond in the coming weeks.
And to put a cherry on the cryptocurrency cake, a technical signal that printed before the move from $7,500 to $10,500 recently printed a buy again. If historical precedent is of any current relevance, Bitcoin may soon rally higher, likely to retest the mid-$9,000s or high-$9,000s in an attempt to establish new multi-week highs beyond $10,000.
Related Reading: Institutions Accrue Bitcoin Long Positions as Price Looks to Break Past $9,300
Quick Pullback First
While Bitcoin’s medium-term bull case is obviously building, there may be a short-term drawdown that comes first. Analyst Data Dater, as reported by NewsBTC previously, recently found a few signs that imply BTC will soon take a breather, which will be a move that will see the cryptocurrency head back into the $8,000s. He noted that indicators are “approaching overbought” on the four-hour, six-hour, and 12-hour charts, while the one-day chart and the two-hour chart are already flashing overbought signals.
Also, the BitMEX funding rate, which many say can be used to discover local tops and bottoms in the Bitcoin market, has been trending “very high for three consecutive periods.”
Bitcoin Price: Bear Pennant Targets $4,600, Has The Breakdown Begun?
Tuesday December 10, 2019
Bitcoin price has been steadily falling, locked in a downtrend over the course of the last few months, taking the price of the cryptocurrency to roughly 50% of the year’s high of $14,000. After...
The post Bitcoin Price: Bear Pennant Targets $4,600, Has The Breakdown Begun? appeared first on 12bitplay - Bitcoin Play.
1/ Approaching overbought on 4H, 6H, 12H.2/ Overbought on 1D, 2H.3/ Approaching overbought on 2D, 3D.
4/ Bitmex Funding very high for three consecutive periods.
5/ QA indicator turned blue (overbought). pic.twitter.com/ibbmf6xQA7
— (Stationary) Data Dater (@datadater) November 5, 2019
Related Reading: Bitcoin Future Flash Crashes by $1,000 to Fill CME Gap: Cleared for Takeoff
Featured Image from Shutterstock
The post Bitcoin Likely to Break Past $10,000 in Next Bout of Price Volatility appeared first on NewsBTC.