Analysts Predict $10000 Bitcoin [BTC] Might Be Imminent as it Keeps Resisting Bears

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Bitcoin pulled back to $8000 briefly after touching the $9000 mark. The movement began with a swift move up and then the break downwards. However, the price found support near $8300 instantly as well. $8300 was the earlier break-away point for Bitcoin.

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BTC/USD 4-Hour chart on Bitstamp (TradingView)

Furthermore, Bitcoin [BTC] broke above $8550 on the following day as well, which signified fierce resistance to the bears and bull looking to ‘buy the dip.’ Vinny Lingham, chart analyst and traders tweeted:

This BTC action looks aggressive. Makes me think that we may blow through $10k and test $12k very soon, but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.

As cited by Tom Lee, a break $10k would create a lot of FOMO among people as it would revive hope of Bitcoin [BTC] exceeding past its previous All-Time High near $20000.

The resilience shown by Bitcoin [BTC] has turned most traders bullish again. As Peter Brandt, chart analyst and trader tweeted:

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$BTC appears to be stabilizing after the 12% break on Thursday. I am willing to dip by toes back in the water.

BTC/USD Chart Analysis (Source)

The target, according to Brandt’s analysis, is rather conservative than Lingham’s. He set his first target at $9321.62, followed by $10615.80.

Also Read: Crypto-Market Update: Bitcoin [BTC] Back Above $8500; ETH, XRP, LTC & EOS Lead Gains

Since, the beginning of the month, the sentiment around Bitcoin has been steady with predictions reaching as far as $8 million per BTC. Moreover, the price action also seems to suggest that the demand for Bitcoin [BTC] is big dips are being bought almost instantly.

Traders who were predicting a bearish movement in the last above $7000 and $8000 would rush in to buy if further pullback occurs. Nevertheless, the fundamentals around Bitcoin hasn’t changed much in the past month, and the scalability issue around Bitcoin is still a limiting factor. Hence, a more extended period of accumulation is just as likely.

Do you think that the price will touch $20000 again in 2019? Please share your views with us.

"Nivesh Rustgi : @https://twitter.com/nivishoes Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com."
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