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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Likely to Break Past $10,000 in Next Bout of Price Volatility

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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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.

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

— Crypto Thies (@kingthies) November 6, 2019

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.”

https://twitter.com/datadater/status/1191585055920939008

Related Reading: Bitcoin Future Flash Crashes by $1,000 to Fill CME Gap: Cleared for Takeoff
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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