Bitcoin and the aggregated crypto markets have incurred a sudden influx of buying pressure that has allowed BTC to firmly climb into the five-figure price region. This surge marks a continuation of the upwards momentum that the crypto has been incurring over the past several days.
Now, analysts are noting that Bitcoin’s increasing dominance over the markets and robust technical strength may allow the cryptocurrency to climb into the upper-$10,000 region in the near-future.
Bitcoin Bulls Roar as BTC Surges Past $10,000
At the time of writing, Bitcoin is trading up over 4% at its current price of $10,400, which is up significantly from its 24-hour lows of $9,900 that were set yesterday after BTC was rejected at $10,100.
This positive price action has come about after a long period of downwards pressure experienced by BTC, which was first sparked in late-June when the crypto was rejected after moving to highs of $13,800, leading to a month-long downtrend.
This downtrend sent Bitcoin from highs of $13,800 to lows of $9,100 throughout the course of July, which drastically shifted the overall market sentiment for the worst and led many analysts to believe that a movement down towards the sub-$9,000 region was imminent.
Despite this, the recent price surge that has allowed for BTC to incur some levels of technical strength has also allowed it to gain even further dominance over the aggregated crypto markets.
“BTC – dominance flexing,” Chonis Trading, a popular cryptocurrency analyst, explained in a recent tweet.
BTC May Soon Surge to $10,700, Claims One Analyst
Analysts do not believe that Bitcoin is done with its upwards surge, and one prominent analyst believes that it could continue climbing until it reaches $10,700.
Mitoshi Kaku, another popular cryptocurrency analyst, spoke about this in a recent tweet, explaining that he does think the price will ultimately follow through with a movement into the upper-$10,000 region.
“After a few days I feel better with the price action, my current position would be a long to 10.7K, smaller TFs should provide a good entry. People tend to get desperate for huge swings and volatility, but we have to be patient and let the price do its thing,” he noted.
Although the markets are still in the throes of a very volatile period, the recent price surge into the $10,000 region does appear to confirm the fact that the markets are incurring some bullish pressure that could mount in the coming days and weeks.