Bitsonline Weekly: Bitcoin Price to Hit $10,000 Very Soon — So Get Ready
This bitcoin price will soon arrive at $10,000 as the markets enter a “roman circus” distribution zone. But if you think that’s exciting, listen to this: $10,000 is just a stopping point on the way to $12,000.
Bitcoin Price Technical Analysis
The bitcoin price started a rally towards $10,000, where a distribution zone should emerge. That zone will allow profit taking under Fibonacci rules, which will send the price back to $8,500 — a price point that would confirm higher levels in the future.
Contradictory opinions from institutional investors about bitcoin’s status as a global asset reflect their accumulation strategies, and would lower mathematical indicators. Meanwhile, the markets re-enter 2017’s main central angle of Gann´s Theory, which has enabled the rise thus far. This same angle points to the imminent bull rally to $12,000 in 2018.
Bullish consensus continues to rise amid a global growth in bitcoin purchases. That growth drove the bitcoin price over $9,500, where a congestion zone is currently keeping the price relatively sideways.
Mixed emotions of various participants — like weak hands against enthusiastic investors — occasional has created a kind of “roman circus” at exchanges. Therefore, volatility has increased between the support at $8,500 and a new trigger level near $10,000.
Quotes are ready to move on the psychological barrier at $10,000 level before heading back to the $8,500 support. However, in the short-term, new players entering the market could sustain the bitcoin price at a higher level around $9,000.
Japanese Candlestick Analysis reflects the market strength currently sustaining the price with a lateral sideways market. This period of sideways activity works to meet the conditions necessary for continuing the overall bullish rally.
Thus, while the next technical objective still stands at $12,000 by early 2018, this new scenario actually allows even higher levels.
Do you think we’ll see $12,000 by January? Share your thoughts in the comments section.
Image via Pixabay
This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.