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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/