Bitcoin Price Prediction: BTC/USD Will Eventually Hit $10,000 – Technical Scenario
- Bitcoin price is heading to levels above $10,000 sooner or later according to several bullish analysts.
- BTC/USD is stuck under $9,200 (initial resistance) as consolidation comes knocking.
It is an understatement to say that the past few weeks have been tough on cryptocurrencies, especially Bitcoin. After gaining traction towards $9,800, BTC/USD plunged last week back to areas below $9,000. On Friday, millions of Bitcoin long positions got liquidated. Recovery has since been drab with Bitcoin finding it an uphill task to sustain gains above $9,200. At the time of writing BTC/USD is trading $9,186.
Many analysts and traders believe that Bitcoin has the potential to hit levels above $10,000 sooner or later. On locking in these levels above $10,000, the largest crypto could gain momentum to higher areas with some saying “new highs” are possible. Macro BTC, a pseudonymous analyst is one of the bulls who sees Bitcoin rising above $13,000.
Macro BTC context: still think we’re heading towards $13K mid-term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later.
Another commentator wrote in early June that “BTC very close to exploding. Break above $10,500 would break an over 2 year symmetrical triangle, 11 month broadening wedge, 8 month horizontal resistance.”
Bitcoin Price Technical Picture
Bitcoin is currently lethargic in its recovery owing to the fact the technical indicators are almost motionless. The RSI, for instance, is leveling slightly under the average. Upward movement has become difficult. Therefore, BTC/USD is likely to take up a sideways trading action in the near term.
BTC/USD daily chart
The MACD currently confirms the sideways trading with its sidelong movement at the midline. Consolidation is not entirely a bad thing for Bitcoin as it would allow buyers to gather, gain strength and balance for another fully-fledged attack on $10,000.
Bitcoin Intraday Key Levels
Spot rate: $9,195
Relative change: 10
Percentage change: 0.11%
Trend: Bearish biased
Volatility: Shrinking
- Breaking: Bitcoin Proxy Metaplanet Announces New US, Japan Subsidiaries As Stock Slumps
- Will Bitcoin Reclaim $120K as Options Bulls Target $125K Highs Post-FOMC?
- Sharps Technology Announce Plans to Stake Treasury in BONK, Analyst Projects Parabolic Rally
- Why Pi Network Team Is Betting High on Token2049 As Community Seeks Answers
- XRP Open Interest Climbs as VivoPower Launches Treasury Expansion via Mining Swap
- XRP Price Prediction: Market Longs Surge to 78% as VivoPower Launches Treasury Expansion
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
- Solana Price Prediction: Analyst eyes $1,250 as Galaxy Digital and Forward Industries Intensify Accumulation
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
