in

BTC/USD Will Eventually Hit $10,000 – Technical Scenario

Bitcoin price is heading to levels above $10,000 sooner or later according to several bullish analysts.
BTC/USD is stuck under $9,200 (initial resistance) as consolidation comes knocking.

It is an understatement to say that the past few weeks have been tough on cryptocurrencies, especially Bitcoin. After gaining traction towards $9,800, BTC/USD plunged last week back to areas below $9,000. On Friday, millions of Bitcoin long positions got liquidated. Recovery has since been drab with Bitcoin finding it an uphill task to sustain gains above $9,200. At the time of writing BTC/USD is trading $9,186.

Advertisement

Many analysts and traders believe that Bitcoin has the potential to hit levels above $10,000 sooner or later. On locking in these levels above $10,000, the largest crypto could gain momentum to higher areas with some saying “new highs” are possible. Macro BTC, a pseudonymous analyst is one of the bulls who sees Bitcoin rising above $13,000.

Macro BTC context: still think we’re heading towards $13K mid-term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later.

Another commentator wrote in early June that “BTC very close to exploding. Break above $10,500 would break an over 2 year symmetrical triangle, 11 month broadening wedge, 8 month horizontal resistance.”

Bitcoin Price Technical Picture

Bitcoin is currently lethargic in its recovery owing to the fact the technical indicators are almost motionless. The RSI, for instance, is leveling slightly under the average. Upward movement has become difficult. Therefore, BTC/USD is likely to take up a sideways trading action in the near term.

Advertisement

BTC/USD daily chart

BTC/USD price chart by Tradingview

The MACD currently confirms the sideways trading with its sidelong movement at the midline. Consolidation is not entirely a bad thing for Bitcoin as it would allow buyers to gather, gain strength and balance for another fully-fledged attack on $10,000.

Bitcoin Intraday Key Levels

Spot rate: $9,195

Relative change: 10

Percentage change: 0.11%

Trend: Bearish biased

Volatility: Shrinking

Summary

Article Name

Bitcoin Price Prediction: BTC/USD Will Eventually Hit $10,000 – Technical Scenario

Description

Bitcoin price is heading to levels above $10,000 sooner or later according to several bullish analysts.
BTC/USD is stuck under $9,200 (initial resistance) as consolidation comes knocking.

Author

John Isige

Publisher Name

Coingape

Publisher Logo

To get the daily price analysis, Follow us on TradingView

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Share on Facebook

Share on Twitter

Share on Linkedin

Share on Telegram

What do you think?

0 points
Upvote Downvote

If any of these 3 crypto firms collapse, a “tsunami” will ensue: analyst

CoinNess Market Surveillance June 30: Global Price Index Of BTC Trading Above $9100 Level