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Bitcoin Price Surges Past $9,900, Leaving Many Asking What’s Next?
After stagnating around $9,650 for some 36 hours, the BTC price surged as high as $9,945 in minutes.
This rapid 2% gain from $9,700 liquidated a mere $15 million worth of short-side positions on BitMEX.
As this move just took place, analysts have yet to formulate complex responses to the price action, though there are some already trying to extrapolate what Bitcoin’s 2% surge means for its short-term outlook.
Mexbt, a popular trader, noted that the cryptocurrency, having broken out of a short-term ascending triangle in this recent move, has a measured target of around $10,220 – 3.2% above the current price.
Notably, Bitcoin (BTC) has yet to confirm a four-hour close above the ascending triangle Mexbt drew, though there are good chances it will, setting Bitcoin up for such a move.
There’s also a new chart from Josh Rager, a well-known investor and content creator.
In this chart, which was accompanied by another one posted to Rager’s Telegram channel, the analyst largely implied that the cryptocurrency could head towards the top of the range just above $10,100.
A close above the range could set the stage for a move to fresh local highs above $10,500.
There’s also HornHairs, who wrote that Bitcoin is currently up against heavy resistance at $9,900, Monday’s high and the weekly open.
Though, he remarked that as long as $9,500 stays intact on a daily and weekly basis, he would be inclined to suggest that a move to $10,200, then to $11,000 will take place in the coming weeks.
CAN THE TOTAL CRYPTO MARKET CAP HIT $10 TRILLION BY 2023?
Popular YouTube crypto analyst, Benjamin Cowen, has been considering the logarithmic regression band for the total cryptocurrency market cap in his latest video, and based on his analysis, thinks that the total digital asset market cap could hit $10 trillion during the next bull run.
At current Bitcoin dominance levels, a $10 trillion total crypto market cap gives a BTC price of around $330,000, so that’s something to look forward to.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$BTC Macro Update:Price up against Monday’s Hi & current Weekly Open here at $9.9k. Again, as long as $9.5k weekly support & 1D bullish structure holds I expect the party to rage on to the upside. $10.2k then $11k.
Until $9.5k breaks on a 1D close, life is easier as a bull. pic.twitter.com/o5hO9xLCC9
— HornHairs 🌊 (@CryptoHornHairs) February 23, 2020
Volume in February is continuing to shoot up. That’s historically a really good sign about the market. It’s almost at the same level as in May now pic.twitter.com/QSDtiMp3sE
— Larry Cermak (@lawmaster) February 20, 2020
https://www.newsbtc.com/2020/02/23/the-simpsons-just-ran-bitcoin-segment-crypto-twitter-raving/
https://www.newsbtc.com/2020/02/23/bitcoin-bulls-eye-10000-market-weekend-recovery-upside-possible/
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Navigating the Storm: Bitcoin Faces Prospect of Consolidation until 2022 Amid Mass Wipeout
In a sudden turn of events, the cryptocurrency market is grappling with a mass wipeout that has sent Bitcoin’s price tumbling to $41,000, leaving investors and enthusiasts on edge. The latest speculation suggests that Bitcoin could undergo a period of consolidation, extending into 2022, as the market attempts to find stability after the recent wipeout.
The article at the center of this discussion sheds light on the challenges faced by Bitcoin as it experiences a significant price correction. The term “consolidation” suggests a period of relative stability, wherein the cryptocurrency may trade within a certain range as market forces seek equilibrium.
The mass wipeout has caught the attention of the crypto community, prompting questions about the factors that led to this abrupt downturn. External factors such as regulatory developments, macroeconomic trends, and market sentiment often play a role in shaping Bitcoin’s price movements, contributing to moments of volatility.
For investors, the prospect of Bitcoin consolidating until 2022 introduces a period of uncertainty. Such phases can test the resilience of the market and the resolve of those engaged in the crypto space. The key question becomes: What factors will determine Bitcoin’s trajectory during this consolidation period, and what should investors keep in mind as they navigate these stormy waters?
While market analysts may provide insights into potential catalysts and outcomes, it’s essential for investors to approach predictions with caution. The cryptocurrency landscape is dynamic, and unforeseen events can impact the trajectory of digital assets. Staying informed, diversifying portfolios, and exercising risk management are critical strategies for weathering market turbulence.
As Bitcoin faces the possibility of consolidation until 2022, it’s important to recognize that such periods are not uncommon in the volatile world of cryptocurrencies. Past market cycles have demonstrated the resilience of digital assets, with periods of consolidation often preceding renewed momentum.
Whether this period of consolidation serves as a necessary recalibration for Bitcoin or marks a more prolonged phase of uncertainty remains to be seen. As the crypto community watches and waits, the coming months will likely provide more clarity on the trajectory of Bitcoin and the broader cryptocurrency market.
In the grand narrative of Bitcoin’s journey, periods of volatility and consolidation are but chapters in the ever-evolving story of digital currencies. As the year unfolds, market participants will continue to adapt, learn, and position themselves strategically in response to the shifting dynamics of the cryptocurrency landscape.
