Bitcoin’s price movement has made it to the top of what’s trending in the cryptocurrency world, and it does not look like that hype is dying anytime soon. Currently trading below the $10,000 mark, many analysts are now predicting that the world’s largest cryptocurrency could even shoot up above the 10k mark to even greater heights.
In a recent tweet, cryptocurrency analysts CryptoWelson stated:
“I’m expecting a breakout today for $BTC.
If we break up out of the wedge, open longs because that means continued rise, and pump above 10k!
If we drop below support (9.25k), short, because we will likely correct to the 8Ks!
Confirmation is key when trading wedges!”
At press time, Bitcoin was trading at $9426.83, with a total market cap of $169.86 billion. The cryptocurrency also held a 24-hour market volume of $27.81 billion. The past week had treated Bitcoin well, with the value going up by a significant 14.19 percent.
Looking at the technical analysis of Bitcoin, we can see the different pattern formations on the charts. The Bollinger bands were amid a divergence, which meant that there might be a massive price outbreak right around the corner. The Parabolic SAR was below the price candles, a sign that the Bitcoin market was bullish. Other enthusiasts of the cryptocurrency tweeted:
“this demand zone is the most likely path for btc, we will see though. open to changes. I think we will stay inside the wedge until Thursday.”
Bitcoin was also helped along the past couple of days as China increased its lean and support towards the cryptocurrency. The acceptance from the Chinese government and its central bank officials has paved a massive hype movement in China, which in turn forced the state-run newspaper to warn the country’s citizens. The People’s Daily newspaper stated:
“Blockchain’s future is here but we must remain rational. The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.