February 7, 2020

The Unstoppable Growth: Bitcoin to Hit $10K and More

The Bitcoin exchange rate has entered a phase of long-term growth, it’s “pointless to deny it,” wrote Josh Rager on his Twitter account. As an argument, he presented a chart of the first cryptocurrency, showing that each subsequent minimum and maximum of its value becomes higher than the previous ones. This is what the uptrend looks like, the entrepreneur explained.

Coindesk Omkar Godbole, an analyst at the Coindesk portal, is also confident in the short-term rise in the price of Bitcoin. According to him, the cryptocurrency rate can skyrocket to $ 10,000, since there are no resistance levels between this mark and the current price. He noted that a slight correction in the Bitcoin exchange rate is also possible. Support levels of $ 9,412 and $ 9,396, expressed by 5- and 10-day moving averages, will prevent it from falling, the analyst explained. He emphasized that the rate of the coin will remain in an uptrend until it drops below $ 8213. In favor of the rising cost of Bitcoin, the RSI indicator, which is below the 70 marks, also speaks, the expert added. In his opinion, this indicates the absence of overbought coins and the dominance of the buyer in the market.

The same position was voiced by the founder of Signal Profits, Jacob Canfield. He noted that on the Bitcoin chart, the RSI parameter formed a triangle, signaling a gradual increase in the buyer’s strength. However, if this indicator soars, it will indicate an overbought asset, which will increase the likelihood of a fall in its price, the entrepreneur said.

Bitcoin: First to Hit $10,000, Then $11,000 is Easy

An analyst, Yuval Gov, also predicted Bitcoin value growth. In the case of overcoming the psychological barrier of $ 10,000, the price of the first cryptocurrency will be able to rise to $ 11,000, the expert suggested. He specified that resistance levels of $ 10,300 and $ 10,600 would prevent the coin from becoming more expensive.

Also, Gov pointed to a significant increase in Bitcoin trading volume, which is also a prerequisite for its rise in price. In case of a fall in the price of a coin, the analyst called the support zone at $ 9400-9600, which is expressed by the Fibonacci correction levels of 38.2% and 61.8%. At the moment, Bitcoin is trading at around $ 9,715, for 24 hours it has risen in price by 3.5%. The daily trading volume of the asset increased by 31%, to $ 38 billion.

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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