Bitcoin Price To Explode Past $9,000 Shortly: Here's Why 15

Bitcoin Price To Explode Past $9,000 Shortly: Here’s Why

Over the past day, Bitcoin (BTC) has finally started to retrace its jaw-dropping surge higher. After rallying over 30% in less than two weeks from $6,800 to a local high of $8,910, the buying pressure has paused, giving a chance for bears to push the price of the leading cryptocurrency to the downside.

As of the time of writing this article, BTC has dropped by just over 3% from the local peak, tumbling to $8,600, with it trading even lower earlier today.

But according to a number of traders, this drop is just day-to-day volatility and consolidation prior to another leg higher in this market, which could allow Bitcoin to enter the $9,000s, or maybe a price range even higher than that.

Ready to Surmount $9,000

According to a recent tweet from Calmly, Bitcoin’s current price action in the high-$6,000s shows that the price is setting up to surmount $9,000 — a key psychological and technical resistance. Backing this sentiment he looked to the fact that BTC is currently trading in a clear consolidation range, marked by solid highs and lows. Because Bitcoin’s price action leading up to this range was bullish, the stable price action suggests bullish continuation towards $9,200 to $9,450 in the coming days.

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Not to mention, BTC’s chart printed a similar consolidation pattern prior to the rally from $8,100 to $8,900 and $4,000 to $7,000 in early-2019.

Not the Only Bitcoin Bull

It isn’t only Calmly who is expecting for Bitcoin to soon rocket higher, to set a new multi-week high.

Dave the Wave, the cryptocurrency trader who in the middle of 2019 called Bitcoin’s dramatic 50% decline to $6,400, said that with BTC’s latest move, the price has broken above a key downward channel that has restricted price action for some seven months now, noting that a wave analysis he did suggests BTC has room to rally to $10,000 by the end of this month or early-February.

He pointed out in a separate tweet/analysis that Bitcoin’s weekly RSI and MACD indicators look effectively identical to a similar formation near the end of October, prior to a massive BTC surge higher that brought the cryptocurrency dozens of percent higher in the few weeks.

Should historical price action play out yet again in the current, there is a strong chance that BTC could be dozens of percent higher than it is trading at by the end of the month, or maybe even earlier if all the stars align.

Featured Image from Unsplash