Bitcoin Price Hits $11,000 Less Than 24 Hours After $10,000 Falls, What’s Next?

Tony "The Bull" Severino

6 years ago

2 mins read

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The leading crypto asset by market cap has once again reclaimed $10,000, considered an important psychological FOMO trigger that could see Bitcoin price setting new all-time highs in no time.

Now, less than 24 hours after Bitcoin price breaches $10,000, it’s already broken through $11,000 and shows no signs of stopping. What’s next for Bitcoin price and are new all-time highs right around the corner? Or are there more barriers for the cryptocurrency ahead?

BTC Is Unstoppable: Smashes $10K and $11K, Where Does it Go Next?

Last night, just before the daily candle closed, Bitcoin price breached important psychological resistance at $10,000 that during the last market cycle acted as a major “FOMO trigger” according to crypto bull Tom Lee. Hours later, it was already at $10,500, and now, within 24 hours from breaking $10,000 it has already reclaimed $11,000 and may have only just begun its further bullish uptrend.

Rounded numbers always play important resistance levels, as many orders tend to cluster around them, making each $1,000 increment and more significant numbers like $15,000 and $20,000 the next major resistance levels needing breaking before new all-time highs are set.

Last time Bitcoin price broke above $10,000, less than a month later it had already hit $20,000, and could hint at the speed and fury at which Bitcoin may climb once again now that this “FOMO trigger” has been breached.

During the 2017 bull run, there was far more hype and interest surrounding the asset class, yet prices are trading at similar levels, suggesting that the next bull run that may now be taking shape could eclipse the last one. It may require Bitcoin to break $20,000 though for the mainstream media and public to once again take an interest in Bitcoin.

Bitcoin Price: One More Target Before Bull Run Can Begin

Although there are rounded numbers like $15,000 and $20,000 ahead, there is one other critical resistance point that needs to be broken for the bull run to begin: $11,700.

$11,700 is the resistance level at which the 2018 bear market began. Once Bitcoin fell below that bearish breaker, it never again rose above it. $10,000, $9,000, $8,000, $7,000, and even the “unbreakable” $6,000 all had repeatedly been broken back above throughout the bear market, while this one key point stood up to any bullish momentum.

Should Bitcoin break above $11,700, it could trigger a full blown bull run in the asset and set new highs in no time. The last time $10,000 was broken, Bitcoin reached $20,000 less than a month later. If such a trajectory is repeated, $11,700 will fall any day as Bitcoin price is now trading at $11,150 at the time of this writing.

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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.