Bitcoin is Ready to Jump Again: Is $10k The Next Target?
Bitcoin: Steady & Ready to Jump As $10,000 The First Target
It is not even 2020 but Bitcoin still cannot leave crypto fans and enthusiasts with a calm mind. Although Bitcoin does not show any strong signs of increasing its value rapidly, most traders and analysts strongly support the bullish trend in the upcoming days. Recently, the price indicated a solid rejection at $7,500 level, as well as it dropped to $7,200. It is worth mentioning that such a bearish downtrend was possible amid bullish support from leading analysts.
Top cryptocurrency traders continue to support the idea that a bullish divergence is visible. This factor makes them believe that it is possible to witness an expected price surge by at least %40 in January 2020.
Bitcoin: New Year – New Target of $10,000?
The reasons for Bitcoin to jump again are not forming randomly. Many qualified and experienced traders are analyzing the chart, and conclude that there is a price surge to see in a few weeks. For example, according to this full-time trader and Renko candle chart, the price can jump by 40% at least. Such a conclusion was received after analyzing the price chart history for the last three years.
While many users may not see the key points in this chart, it is important to underline the following factor: over the past three years, it was possible to see two bouts on the chart. Such actions helped to form a price rally in a range from 30 to 40%. As previously, this rally is followed by a bullish divergence. Such a thing is easy to notice this time as well, so that is why a trader predicts the upcoming price surge by 40%, or to a $10,000 level.
Previously, we mentioned that another trader, better known as Filb Filb, has predicted that the Bitcoin price may touch the same $10,000 level. According to his chart and analysis, BTC would have to jump to the $10k level before the collapse. The price’s collapse could check the low of the $6,000 level, which is considered to be the miner’s bottom range. Nonetheless, he managed to provide the community with a 100% prediction, which was denied by other analysts instantly.
Now, according to his chart, the price must go down to the $7,000 level, and then get the expected surge, where the target will be $10,000.
Bitcoin: The Downtrend is Still the Thing
Even though the first analysis applies the bounce, it can be the wrong bounce, which won’t be able to move Bitcoin out of bearish trend. The latter was established after BTC has touched the year’s highs of $14,000 this June.
Moreover, according to the trader’s words, the major cryptocurrency is in the so-called ‘reduction from distribution’. In a nutshell, this has a meaning that a reduction includes the downward channel, which exists since the recent bull run. Sellers will dump their digital coins upon the top channel hitting. Another scenario is when the bottom of the channel might be touched, letting the buyers join to push the price back to the middle.
The trader explained his opinion on this chart by creating a large thread. Will his prediction be the right one? We will see it in a few days.