After flatlining around $9,600-9,700 for a number of days, Bitcoin saw an explosive price move early Sunday morning. Following a failed attempt to break $9,800, BTC exploded to $9,150 on spot exchanges and $9,300 on margin exchanges, liquidating dozens of millions. BTC price chart from TradingView.com Bitcoin has since faced down a reversal as bulls failed to maintain the pressure of this surge, seemingly catalyzed by the futures market. A prominent Wall Street analyst still remains optimistic about the cryptocurrency market, arguing the $10,500 resistance will soon be toppled. Related Reading: Crypto Tidbits: Twitter’s “BTC Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETHBitcoin Will Soon Top $10,500: Fundstrat AnalystRob Sluymer, a technical strategist at Fundstrat Global Advisors, remains hopeful that Bitcoin will continue higher after its initial breakout:
In a research note shared with Bloomberg, Sluymer added that BTC breaking $10,500 will likely lead to an approximately 31% rally to $13,800. That region “remains a resistance band that Bitcoin will need to break above to signal its next move to resistance at $13,800.” This comes after Sluymer wrote in a March note that BTC’s medium-term outlook was damaged after the capitulation crash to $3,700:
This comment was proven true as BTC has been caught in a consolidation pattern for nearly three months now. Sluymer’s co-worker, co-founder Tom Lee, is predicting a further rally in the stock market. Considering the correlation that has formed between the S&P 500 and Bitcoin, such a rally could lead the cryptocurrency market higher. Bulls in ControlOther market commentators, citing technicals and on-chain metrics, agree with Sluymer’s market sentiment that BTC buyers are in control. As reported by NewsBTC previously, Blockfyre’s head of technical analysis commented that Bitcoin has just closed above a three-year downtrend. The downtrend was formed at BTC’s all-time high price of $20,000 in 2020.
Others add that with the weekly candle and monthly candle close nearing, BTC managing to move above $9,800 is pivotal for the bull case. Related Reading: On-Chain Metric Signals the BTC Market Isn’t Overheated: Why This Is BullishFeatured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingVIew.com Wall Street Analyst: BTC Will Soon Push Past $10,500, Then Rocket 30% Via https://www.newsbtc.com/2020/07/26/wall-street-bitcoin-push-past-10500/?utm_source=rss&utm_medium=rss&utm_campaign=wall-street-bitcoin-push-past-10500 |
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