Can Bitcoin Break $10,000?

By Lipsson | lipsson | 20 May 2020

The BTC exchange rate rose above USD 9,700 again.

Main information:

The current Bitcoin price is around 9,747 USD
According to analysts, Bitcoin is in an upward trend
Big chance to break the 10,000 USD level

Situation on the BTC chart

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Yesterday's session on Bitcoin was opened at the level of 9,727 USD, meanwhile, the BTC rate dropped to 9,515 USD, but before the closing the price of this cryptocurrency rebounded, as a result, it was in the zone of 9,670 USD. The current Bitcoin exchange rate is around 9,747 USD. In the daily range, BTC was 0.29% negative. Regarding market sentiment, the anxiety and greed indicator shows that we are still at a neutral level.

Bitcoin in an upward trend?

According to Keith McCullough (Hedgeye Risk Management) bitcoin should soon break the 10,000 USD level, its exact goal is 10,155 USD. Let us remind you that last time Bitcoin rose above USD 10,000 in February this year. After the global crash that brought its rate below USD 5,000, the cryptocurrency began to regain its value. Currently, however, it is close to full recovery and to start another bull rally.

The bearish Scenario

The truth is that in the previous two halvings, Bitcoin’s price dropped after the halving, and the real uptrend did not initiate until 12 weeks after halving. The tendency of Bitcoin to fall after a halving combined with the failure to break out of the $10,000 resistance level is very probable. Bitcoin trader known as TraderXO said in a tweet that BTC’s price is likely to drop to the low-$9,000s in the near-term, with the mid-$8,000 region as a lower area of support.

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