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On Monday, for the third or fourth day in a row, the price of Bitcoin continued to correct lower. The cryptocurrency, at its worst on Monday, fell to $9,500 — just under 10% under the $10,500 peak seen the prior week.
Despite the strong retracement, there have been a number of cryptocurrency investors and traders suggesting the recent move may actually be a precursor to an even greater thrust higher.
One analysis, in fact, suggested that Bitcoin could soon rally surge past $10,000 yet again to establish a new multi-month high.
Fractal Predicts That Bitcoin Could Soon Surge Past $10,000, Again
Cryptocurrency analyst Anondran recently remarked that Bitcoin’s price structure over the past few weeks since the 2019 bottom of $6,400 is extremely similar to that of the bottoming pattern in 2018, whereas prices have exploded off the bottom, then corrected.
Bitcoin following the exact path it took in the previous cycle will see it hold $9,527, the 0.236 Fibonacci Retracement of the bottom to the first local peak, then surge higher in a near-vertical fashion in the coming days and weeks in a move that will bring it past $10,000 and to a new high, likely above $12,000.
$BTC Parabolic hopium. pic.twitter.com/R7k66ANhXh
— Anondran (@AnondranCrypto) February 17, 2020
This analysis comes as top analysts have said bitcoin remains in a strong upward trajectory. Prominent analyst Filb Filb said that there is a “reasonable case” to be made that the recent drop is actually the “[third real] correction in this uptrend,” drawing attention to the fact that the prior two drops were of similar magnitude in the grand scheme of things.
$9,500 Is Key for Price to Hold
It isn’t only Anondran that has recently drawn importance to Bitcoin’s maintaining of the $9,500 price point.
Per previous reports from NewsBTC, a trader going by George recently remarked BTC is still on track to rally towards the $11,700 price point
He backed this forecast by posting the below chart, seemingly suggesting the cryptocurrency, despite rejecting the 0.25 level of a weekly range formed in 2019, has somewhat maintained the $9,700 swing low and the $9,500 inflection point. George further explained “Keep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.”
Also, Filb Filb wrote that “every time Bitcoin turns $9,500 to support [on a weekly basis], it goes to $11,500.”
Unfortunately, right now it isn’t clear if Bitcoin will hold $9,500. The cryptocurrency has been on a steep decline over the past few days as aforementioned, with the price plunging through support after support without much of a sign of slowing down.
Not to mention, there have not been any signs of an impending reversal.
Featured Image from Shutterstock
