After a slow retracement to the $9,100 price point from $9,650, Bitcoin (BTC) finally broke higher on Wednesday morning, following XRP, rocketing 7% higher in a 12-hour time span, surging as high as $9,750 per data from TradingView.
Analysts say that BTC’s ability to erase the past few days of gains in a few four-handle candles is a precursor to an even larger move higher in the coming days that could bring the price of the cryptocurrency above $10,000 for the first time since October 2019.
Prominent cryptocurrency trader Byzantine General noted that Bitcoin’s recent price action has him believing that the cryptocurrency will soon retest $10,000, retrace to $9,600, before rocketing into the five digits once again to test the key resistance at $11,000 — 15% higher than current prices.
Others have echoed the cheery short-term outlook.
Josh Rager, a top industry investor, wrote in a recent tweet that Bitcoin, should it hold above $9,550, could likely “continue upward” from here:
“BTC erasing the last 3 days of loss with one candle. The magic number is to still get above the $9550s, with a close above there, the price would likely continue upward as there isn’t a lot of resistance before $10k,” he explained.
He echoed this in a message published to his Telegram channel, writing that the target for the cryptocurrency is $10,150, drawing attention to the lack of historical volume until $10,000:
Bitcoin is on a clear uptrend, it’s time to stop being bearish and be realistic. Higher lows and Higher Highs continue to form on the chart, this is a flat out reversal from what we saw from the $13k to the $6400 drop.
Also, Cryptocurrency trader Brent or Blockchainblitz recently noted that Bitcoin’s daily chart just registered a key technical signal: the 50-day moving average just today crossed above the 100-day moving average, creating a bull cross formation.
He notes that in the past eight times this technical signal was seen since 2014, a “rip upward followed.”
Indeed, our own analysis of this specific moving average cross found that this last took place when BTC was at $5,800 in early-2019, and preceded a 140% move higher. There are also the other historical instances Brent pointed to in his chart.
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