Bitcoin has experienced a swift jump to a 12-month high of over $8,700. This has drawn a lot of interest and many analysts are certain the coin is on its way to a higher price. However, a cryptocurrency trader and analyst, DonAlt believe Bitcoin will still have to conquer resistances at $10,000 and $11,500 before soaring freely to the expected highs.
Bulls in control
DonAlt shares the belief that the bulls are clearly in control of the market, but he believes the free surge that Bitcoin is to experience will come after the resistances of $10,000 and $11,500. He even expects the asset to dip to around $8,200 to $8,400 within the week before the resistances will be encountered. Bitcoin, however, has brought down a good number of resistances so far.
The leading cryptocurrency started the year below $4,000 and was to face a critical resistance at $4,200. It later rose above $4,000 in January but did not record any significant surge until the early April market surge which brought it up to above $4,200 easily. From there, the next critical resistance according to analysts was $6,000 which although Bitcoin took some time, eventually smashed through, even easier than expected. Since then, Bitcoin grew to above $8,000 before correcting a bit under $8,000 for a number of days. The next resistance from then was expected at $8,600 which Bitcoin surpassed to hist a new year high of over $8,700 yesterday.
What is next?
Bitcoin rising to a new year high seem to have enormous implications on where the market is headed. Analysts have predicted several prices for Bitcoin since then, including Max Keiser looking at $28,000 in the short term while he maintains his expectation of $100,000 in 2020. The market is still green and the price is still above $8,800. Are we heading to $9,000 shortly or we will dip to DonAlt’s $8,200?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu