Bitcoin Price Just Surged Past $9,500 as Traders Predict a Supercharged Rally

Tony "The Bull" Severino

5 years ago

2 mins read

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Bitcoin price just smashed through resistance at $9,400 that has served as a top for the last few days and surged past $9,500 briefly on the cryptocurrency exchange Binance.

With crypto investors expecting a supercharged rally to follow a break of the key resistance level, Bitcoin is expected to push higher from here. Will bulls fully reclaim $9,500 and hold it as support? Or is this level too strong for bulls to overcome?

Bitcoin Price Surges Above $9,500, Can Bulls Hold Above Key Level?

Bitcoin price just surged above $9,500 briefly on Binance, a price not visited since the first week of November 2019.

The resistance level dates back to late September when Bitcoin price broke down from a descending triangle, pushing the price further into a multi-month downtrend and toward a low of $6,400.

After $6,400 was reached, and held as support, Bitcoin has rallied as much as over 40% in more around 40 days of an uptrend.

The rally also isn’t showing any signs of stopping, and tomorrow night’s monthly close could result in a full-blown reversal if a new higher high is set on monthly timeframes.

This all hinges on a monthly close above $9,200 – a level that Bitcoin price is now sitting well above.

Multiple rejections from $9,400 couldn’t push the price per BTC lower than $9,200 showing that bull shave been fully in charge.

But as soon as Coinbase Pro went down for maintenance this afternoon starting at Noon EST, bulls stepped in even harder, driving Bitcoin up past $9,500 where it is currently struggling to get above.

Levels to Watch for Bullish Breakout in Crypto Market

A break back above $9,500 will surely result in a retest of $10,000, and a break above there could spell the end of four-digit Bitcoin forevermore and signal that the new bull market is here.

Above that, Bitcoin will need to reclaim $14,000 where it was rejected in late June, resulting in the recent downtrend.

Beyond that level, Bitcoin price could retest its former all-time high set back in 2017 at $20,000, and above that sky is the limit.

While influencers like John McAfee may be backtracking on bold predictions that BTC could reach a million dollars apiece, other models suggest that this number is very attainable for the cryptocurrency.

The top of the next bull market is projected to be as high as $100,000 per BTC, but only time will tell if such targets are reached. But first, $9,500, and $10,000 must be breached for bulls to have a chance to break free from the tight grasp bears have had over crypto for the last two years.

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.