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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst Sets Bitcoin Target at $10,450 as Price Holds Mid-2019 Support

Yashu Gola
Yashu Gola
1 year ago
3 mins read

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  • As Bitcoin dips below $9,500, a prominent market analyst sees the cryptocurrency resuming its uptrend towards $10,450.
  • Michaël van de Poppe, a full-time trader from the Amsterdam stock exchange, predicted the bullish scenario as Bitcoin maintained a concrete price floor above $$9,250-9,300.
  • The same support range was instrumental in sending the bitcoin price towards $14,000 in 2019.

Bitcoin could retest its June 1 high if it manages to hold at least above $9,250, according to prominent market analyst Michaël van de Poppe.

The Amsterdam stock market trader said in a Friday tweet that he sees the BTC/USD exchange rate hitting $10,450 in the coming sessions. It is the same level that halted Bitcoin’s uptrend earlier this month – and sent its price to as low as $8,895.

Nevertheless, the cryptocurrency underwent a sharp upside recovery and closed above a short-term support range – defined by $9,250 and $9,300. Mr. Poppe said holding the area could prompt Bitcoin to consolidate sideways before it moves above $9,550.

“Might be consolidating in the range some more,” he tweeted. “Breaker of $9,550 would be the next step.”

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

Bitcoin price chart on TradingView.com showing it holding support above $9,250-$9,300. Source: TradingView.com, Crypto Michaël

Mr. Poppe further indicated that breaking above $9,550 would lead to an extended breakout trend, first towards circa $10,000, followed by a retest of $10,450.

A Significant Bitcoin Support Area

The range presented by Mr. Poppe also coincided with another critical support defined by Bitcoin’s 50-day moving average (the blue wave in the chart below).

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

Bitcoin price chart on TradingView.com showing it testing support near its 50-day moving average. Source: TradingView.com

Traders have lately maintained their bullish bias above the 50-DMA. Staying below the blue wave has raised possibilities of Bitcoin testing levels near or above $10,000, a critical resistance level.

The bias has received further strength from a confluence price floor near $9,200. Bears, for instance, attempted to close below the said level June 11 and June 15. Nevertheless, bulls neutralized the downside sentiment with an equally intense buying pressure near the dip.

Each move below $9,200 met with a sharper pullback.

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

Bitcoin price chart on TradingView.com showing it testing support near $9,200. Source: TradingView.com

Part of the reason why traders show a more robust accumulation behavior near $9,200 is its historical relevance during the 2019 price rally. The level behaved as a concrete price floor during Bitcoin’s uptrend towards $14,000.

Meanwhile, it also capped the price from falling during Bitcoin’s price correction from the same top.

A Dissenting Scenario

A downside scenario is also brewing inside the Bitcoin market with the formation of a Falling Wedge pattern.

As NewsBTC covered earlier, the technical indicator point to the cryptocurrency breaking lower to as far as $8,600 before it breaks out of the range and retests $10,400-$10,500.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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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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