Though, the price of BTC is not done yet, with the price falling only to $9,890 as of the time of this article’s writing, suggesting that crypto bulls may soon again attempt to catapult Bitcoin over $10,000.
The question is: will it happen?
A number of analysts have recently weighed in on this very question.
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Will Bitcoin Break Past $10,000 for First Time in Months?
Prominent cryptocurrency trader Calmly is still confident the price of BTC will soon break past $10,000, writing in a recent analysis that he is “still looking for $10,900,” noting that Bitcoin is clearly trending higher and won’t encounter much resistance until his target price — 10% higher than current prices.
#Bitcoin– Trade has been moving slowly, but I’m still looking for 10.9k pic.twitter.com/Y9usuoW4Vo
— Calmly | full-time trader (@im_calmly) February 8, 2020
His call for further price appreciation has been echoed by Fundstrat Global Advisors’ Rob Sluymer.
In a recent research note for Fundstrat shared with Bloomberg, the analyst wrote that he expects Bitcoin to rise into the $10,000 to $11,000 price range over the coming months, citing BTC’s historical trend of retracing 50% to 62% of long-term market trends. The analyst continued:
“Bitcoin appears to be in a textbook re-acceleration. [The pullback should be relatively shallow, followed by] resuming its longer-term uptrend into year-end.”
This is notable as the analyst has called “key turning points in the digital currency” in the past; indeed, in May of 2019 he called for investors to buy Bitcoin, and at the end of June, he predicted a steep pullback.
The Crypto Dog was a bit more nebulous in his analysis, remarking on Twitter after Bitcoin spiked to $9,950 that the cryptocurrency “either gets shut down hard here, or we’ve got a monster green candle inbound.” He pointed to the cryptocurrency testing a confluence of two resistances: an overhead resistance uptrend and the horizontal resistance just shy of $10,000.
This either gets shut down hard here, or we’ve got a monster green candle inbound. $BTC #Bitcoin pic.twitter.com/cOZk6m2dil
— The Crypto Dog (@TheCryptoDog) February 8, 2020
Financial Survivalism — the pseudonymous trader who at the start of 2020 called that Bitcoin would surge to the $9,000s in the weeks that followed his call — offered some caution.
He noted that per the textbook Wyckoff schematic of distribution, there is a strong likelihood BTC’s fakeout at $9,950 could be a precursor to a retracement to the low-$9,000s, citing the price action’s similarity to the textbook pattern.
I pay very little mind to Wyckoff patterns that occur on TF’s lower than the 4h. However this 15m setup has caught my eye. Will be very interesting to see if this move above $9,900 was an ‘Upthrust After Distribution’ which is the inverse of a ‘Spring’ during Accumulation. $BTC pic.twitter.com/EPg8Vw2DI3
— Financial Survivalism (@Sawcruhteez) February 8, 2020
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