Bitcoin Continues To Consolidate Above $9K. Are We About To See A Pop To $10,000+?
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.
$BTC Super Cycle update
Late last week we spoke about the importance of holding this $9k range level on H1
A long way to go, but, she has held thus far.
As we can see, life above both levels allows for bigger dreams. Losing the level opens the door for some drama and time pic.twitter.com/SeZKXridEs
— Mr. Anderson (@TrueCrypto28) November 4, 2019
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
Held and is actually looking like its ready tomove back to the next level
— Paddy Stash (@paddystash) November 4, 2019
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
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org