Bitcoin Near Targets as Main Crypto Can Hit $10k Soon
Many experts continue to analyze the cryptocurrency market moves, as a majority is focused to forecast the nearest Bitcoin target. One of recent analysis was provided by Omkar Godbole. Bitcoin is likely to rise in price to $ 10,000 within a month, an analyst Omkar Godbole suggested. According to him, in favor of an increase in the value of the asset, it shows that it left the downward channel formed after falling from $ 14,000.
Bitcoin will be hindered by resistance at $ 9,097, expressed by a 200-day moving average, Godbole noted. He is confident that the coin will test this level in the coming days.
The analyst added that the Bitcoin rally would be in doubt if today its price drops below $ 8,200. If the coin falls to $ 7600, the phase of its long-term decline is likely to begin, said Godbole.
The Crypto Market Indicates Positive Dynamics
The cryptocurrency market has been showing impressive dynamics since the beginning of the year. Over the past day, bitcoin has been adding almost 5% and is trading above $ 8,500. The Bitcoin jump has so far encountered a critical obstacle in the form of a 200-day simple moving average.
Professionals of classic markets closely monitor this curve, and its influence on the crypto market grows as a trade here becomes more algorithmic. Overcoming the $ 8,500 hurdle in the form of a 200-day average will be able to launch a full rally, as it was in April last year. However, without confirmation of a breakthrough, Bitcoin formally remains under the influence of a downtrend.
According to Arcane Research, bitcoin trading volumes have grown by 126% since the beginning of the year, marking a recovery in investor interest. Apparently, the trading volumes in the network are created by institutional groups, who rested in the first days of January. Now, they have wholly entered the market.
Market observers come to the conclusion that now it is the professionals who will control the future price dynamics, and judging by the expansion of the infrastructure around Bitcoin, now we are really observing the prerequisites for a new rebound. At the moment, Bitcoin is trading at around $ 8600, for 24 it has risen in price by 7%. The daily cryptocurrency trading volume increased by 41% and reached $ 33 billion.
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.