Bitcoin Continues To Consolidate Above $9K. Are We About To See A Pop To $10,000+?

Bitcoin by Sal Miah  | 1 week ago
Bitcoin, BTC
2 min read

The price of Bitcoin has relatively remained within a $500 range in the past week. Bitcoin consolidated between $9,000 and $9,500, a start to what may be the next run past $10,000.

According to Mr. Anderson on Twitter, Bitcoin holding its own above $9,000 in the past week allows traders to dream bigger. Bitcoin may be entering its fourth wave heading towards a new all-time high.

However, Bitcoin’s success is subject to its performance in the markets. Bitcoin must steady movements above a set level to increase its chances of a new all-time high.

Is $10,000 Around The Corner

 Consolidation above $9,000 is a positive sign for a possible $10,000 in less than two-week.

From the chart, it appears that Bitcoin is on a recovery path. The loss experienced towards the end of Sept and Oct has already been rectified by the $9,000 consolidation.

From here on, the only possible move Bitcoin will make towards $10,000.

The $9,500 Hurdle

In as much as many believe that Bitcoin is going to the next level, there remain hurdles along its path past $10,000.

Bitcoin has been unable to break the $9,500 barrier in the past week. Breaking it may be the key to move to the next level.

It is possible that breaking $9,500 may trigger a small bullish run past $10,000. Another likely scenario is consolidating above the $9,500 market celebrates getting past the $9,000-$9,500 price hurdle that Bitcoin has failed to get through.

Furthermore, the market may gain the confidence to trade more radically if Bitcoin passes the $9,500 hurdle. As it stands, it seems as though traders are a bit conservative and not as confident.

 

Featured Image Source: HDWallSource