Source: Tom Stepanov – Shutterstock
- After Bitcoin fell to $9,200 due to a flash crash on wednesday, the price was able to fight its way back up to $9,800.
- With the current momentum, Bitcoin could test the $10,000 mark again and start a new bull run.
Bitcoin has recovered after Wednesday’s flash crash, when BTC briefly dropped to $9,130, and has continued to rise since then. Within the last 24 hours Bitcoin has gained 1.38% and is trading at a price of $9,763.37. At the time of writing, the market capitalization has risen from $174 billion to almost $180 billion.
Bitcoin trader and analyst Josh Rager describes that Bitcoin was able to achieve its forecast target of $9,800. In his opinion, Bitcoin will rise again to $10,000, but there is always the possibility of a further correction along this important resistance.
$BTC – target hit from yesterdays youtube video
But I think Bitcoin wants to continue up so will be looking at a potential short near $10k for the time being
Until proven otherwise still leaning towards this area being a potential reversal pic.twitter.com/MbpKTyr1px
— Josh Rager 📈 (@Josh_Rager) June 4, 2020
“il Capo Of Crypto”, however, explains that Bitcoin has reached its target of $9,800 and is now facing strong resistance. In his opinion, a consolidation of the Bitcoin price below the $9,300 mark could follow if this support does not hold and BTC falls into the $8,200 to $8,500 price range. According to the analyst, the following price movement will show if there will be a “crypto-spring”.
$9.8k-10k target reached.
Starting to see some hidden divergences on ltf, with positive funding on the different exchanges.
Consolidation below $9300 and it should go to the range low ($8200-8500). That would be the decision point, in order to know if it’s SOW or Spring. pic.twitter.com/ebqFfknu16
— il Capo Of Crypto (@CryptoCapo_) June 4, 2020
Analyst Horn Hairs is also still bullish, stating that Bitcoin has shown a strong recovery after the flash crash and the next support level is along the $9,600 mark. According to him, Bitcoin has to close above $10,000 in order to continue the upward trend. He himself continues to maintain his long position.
Nice reaction at Monthly Open this morning.
Swept some lows and then pumped up, leaving a bullish breaker below current price ~$9.6k. That should act as support for now.
Still long. pic.twitter.com/Hm5mXUAkbb
— HornHairs 🌊 (@CryptoHornHairs) June 4, 2020
The anonymous trader Big Chonis Trading issues a warning. Bitcoin continues to move in a dangerous price range, where the price may either show a strong breakout on the upside, when it breaks through the $9,800 mark, or bounce off this resistance and drop to the support level of $9,600 or $9,350.
— Big Chonis Trading😷 (@BigChonis) June 4, 2020
Bitcoin trader “K A L E O” is also bullish. In his opinion, Bitcoin will rise to $11,000 in the next few weeks until the Bitcoin price meets the next strong resistance along this mark. According to the analyst, BTC could consolidate near $10,850 and then continue to rise.
— K A L E O (@CryptoKaleo) June 4, 2020
The Altcoin market has been moving sideways for the last 24 hours. The Ethereum price has recorded a slight gain of 0.22% to a price of $244.82, XRP also rises 0.22% to $0.20. Litecoin stands still and trades at a price of $47.65 . The prices of over 5,000 cryptocurrencies can be checked in our price overview.
Bloomberg: Bitcoin will rise to $20,000 in 2020
According to a new report from Bloomberg, which examines the price development of Bitcoin, Bitcoin will rise to $20,000 this year. Bloomberg has examined the historical price data of the last years and the price development after the halving and comes to the following conclusion:
After 2014’s 60% decline, by the end of 2016 the crypto about matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.
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