Bitcoin (BTC) has seen a remarkable past week in terms of price action. Within this short time period, the cryptocurrency has traded at both $7,300 and $10,500 — a massive weekly range. Right now, BTC is at $9,450, consolidating as it prepares to make its next notable move.
While there are many investors expecting the crypto market to continue to mount higher, Bloomberg writes that BTC may not be as bullish as the optimists think the cryptocurrency is.
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$10,000 Poses Key Resistance for Bitcoin
In a recent report, Bloomberg wrote that Bitcoin’s inability to break past $10,000 — or at least close above that key price point — indicates “tougher times could lie ahead.” The outlet added that “For many investors, it will need to meaningfully breach that level for confirmation that the rally could continue, historical pricing patterns suggest.”
Shawn Cruz, manager of trader strategy at TD Ameritrade, echoed this line in an interview with Bloomberg. He stated that the fact that $10,000 poses a key psychological barrier for Bitcoin, and will thus need to be broken past to confirm more uptrend.
Cruz isn’t the only claiming that Bitcoin isn’t in the clear just yet.
Credible Crypto recently took to Twitter to argue that “bulls [are] jumping the game here a bit.” He remarked that unless BTC clears the $10,300 region, which is an important historical level, there is no need to get too excited. In fact, he went as far as to say that the recent move is “just a bearish retest,” and that “new local lows” are still on the table.
And an analyst going by “888Velvet” noted that Bitcoin may be trading in a textbook bearish pattern defined by prominent historical technician Richard Wyckoff. As Velvet pointed out, the recent rally, according to Wyckoff’s studies, might just be a “throwback” to a bull trend before an eventual breakdown, defined as a “markdown” by the analyst.
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Not So Fast
While Bloomberg is writing that Bitcoin investors may have “tougher times” ahead, some have asserted that BTC remains bullish.
According to the Independent U.K., CEO of financial advisory deVere Group, Nigel Green, says that he thinks Bitcoin will hit $12,000 by the end of the year, as long as the cryptocurrency remains above $8,500 this week. This would represent a move of 28% if it plays out. Speaking to the outlet, he said, “The $8,500 support has previously acted as a crucial support for bitcoin. I believe that if bitcoin traders can keep the price above this over the next week, the world’s dominant cryptocurrency will experience a breakout.”
Green’s analysis is similar to that of Alex Krüger. The popular macro and crypto analyst recently remarked that Bitcoin’s chart remains bullish as long as the cryptocurrency remains above the $8,000 to $8,200 region — some 15% lower than the current price point of $9,300.
$BTC. Chart. Bullish. Invalidation: 8200-8000. pic.twitter.com/jJWoGGUZqj
— Alex Krüger (@krugermacro) October 28, 2019
He remarked in an earlier tweet that a loss of the abovementioned region will render the recent Bitcoin bull move “dead,” and thus lead to a continuation “lower,” presumably below the multi-month low of $7,300 established late last week.
Related Reading: Crypto Trader: Bitcoin Price May Not Break All-Time High Until 2024
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Author: Nick Chong