May 21, 2020

Bitcoin Price Rise: Why Are Traders So Confident Of The Upcoming BTC Breakthrough?

After the halving, Bitcoin is still trying to build strength to break through the $10,000 barrier. For more than a week, the flagship cryptocurrency has been near this price range, but so far we have not seen the expected powerful jerk from the bulls. Some cryptanalysts associate Bitcoin’s price stagnation with its mass sale when the price was well below $10,000.

If we analyze the areas of Bitcoin price resistance, there are encouraging examples. Back in 2017, Bitcoin literally soared to a level of $20,000, but then its market capitalization fell again. Today, there are prerequisites for Bitcoin to again visit this price region, but in the long term.

Technical indicators indicate the upcoming Bitcoin price rise

Today we can say that the price of Bitcoin is at the consolidation stage. At the time of writing, the price of Bitcoin is $9,770. Thus, the flagship cryptocurrency was able to bounce off the lower support level of $9,400 and gain a foothold above $9,500.

Bitcoin technical analysis graph illustrates the formation of a massive ascending triangle. This is good news since this figure indicates the prevalence of bullish impulses and the approaching breakout of the Bitcoin price.

In particular, one of the leading traders noted that in the near future, Bitcoin can jump over the level of $10 00 and begin testing the level of $10 400. He noted the following:

“The technical chart of Bitcoin shows an upward triangle. After breaking through the barrier of $10,000 the main task of Bitcoin will be held at the resistance level of $10,433. “I really hope that the figure will not roll over and, accordingly, the price will not drop the indicated level.”

Traders expect $1,000 green candle formation

Cryptanalysts and traders make big bets on the ascending triangle model since this can stimulate the formation of a green candle on the technical chart of Bitcoin. If this happens, the price of Bitcoin will make a confident breakthrough above $10,000. The green candle also signals a significant increase in asset prices in the short term.

Analyzing technical indicators on the Bitcoin chart, one of the traders tweeted:

“Bitcoin has a big bullish incentive to print a green candle at $1,000. ”

Thus, the ascending triangle model on the technical chart of Bitcoin serves as the basis for price breakthrough forecasts flagship cryptocurrency. Perhaps the rise in the price of Bitcoin will be short-term, but despite this, this movement of the Bitcoin exchange rate indicates its stability and future prospects.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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