Just minutes ago as of the time of this article’s writing, Bitcoin exploded past $10,000 after a nearly-10% correction that brought the asset to $9,500.
The cryptocurrency has yet to register a multi-hour or daily candle close above this level, though analysts say this latest break of the psychological $10,000 resistance is a likely precursor to a resumption of the long-term bull trend.
Bitcoin’s Move to Reclaim $10,000 Just the Start: Analysts
Gerald Walker, who has a moniker “The Wolf of All Streets,” remarked that Bitcoin remains in an ascending channel and is forming a wave pattern that will take it past $11,000 in the coming days.
The channel and wave he was referring to can be seen in the tweet below, which shows that Bitcoin bouncing off a crucial horizontal and diagonal support around a Fibonacci Retracement is priming the asset for a thrust to $11,000.
Walker added that as long as the $9,060 level stays intact, he expects to see “higher prices.”
#bitcoin update i cancelled most of my shorts i think we will see higher prices as long as 9060 and the uptrend channel remains intact pic.twitter.com/aGNQ8WLk7h
— TheWolfOfAllStreets (@GerardWalker5) February 18, 2020
Indeed, Bitazu Capital’s Mohit Sorout remarked that despite the retracement seen over the weekend, Bitcoin’s “market structure” remains intact, referencing the existence of a bull trend.
Sorout added that if Bitcoin “starts curling up” (like it has over the past few hours), a daily candle close “above $10,000” is a “no-brainer long” in his opinion.
$BTC tapped support.
Market structure intact.
If it starts curling up, daily close above 10k is a no-brainer long. pic.twitter.com/VW1TMuXRoO
— Mohit Sorout ? (@singhsoro) February 18, 2020
This has been echoed by Filb Filb, a legendary pseudonymous trader who called Bitcoin’s price action for all of Q4 of 2019 and the start of this year.
In a message published to his Telegram channel not long before $10,000 break, the rather accurate analyst said there will be “a lot more fuel at $10,000 if we can break it.”
The meaning here being that should this key level be broken past, the price of Bitcoin could surge even higher, boosted by buying pressure.
$9,500 Must Hold
Indeed, analysts have said that as long as $9,500 is held on a weekly basis, Bitcoin will be cleared to surge towards $11,000.
Prominent cryptocurrency investor George recently remarked BTC is still on track to rally towards the $11,700 price point — around 17% higher than the current price — in the coming weeks.
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 held the $9,700 swing low and the $9,500 inflection point.
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