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$10,500 has become a level of utmost importance to the Bitcoin (BTC) market over the past year.
It marked the highs of two crucial rallies:
1) the Xi Pump that was seen in October of 2019,
2) the rally to $10,500 earlier this year.
Analysts say that if the cryptocurrency can decisively claim that level as support by closing above it on the daily, a larger move to follow.
“If BTC can re-claim these highs and close above on the daily I think we can start targeting 13k-14k.
If not we may be looking at a liquidity run and I’d start looking to next get long ideally at the yearly open, 7k-7.5k,” one analyst said.
The position was echoed by another analyst, Kelvin “Spartan Black ” Koh of The Spartan Group, a cryptocurrency investment firm and advisory.
The former Goldman Sachs partner explained in his own analysis on the importance of $10,500:
“We have been in this $10K holding pattern for almost a month but it is clear the market wants to creep higher. I am speculating we will blow through $10.5K within the next 2-3 weeks. When we do, the move to $13-14K will be swift.”
Fortunately, the cryptocurrency is currently positioning to surmount $10,500 in the coming days.
Analysts are noting that the fundamentals of the Bitcoin market are improving, which is supportive of higher prices.
As reported by Bitcoinist previously, technology analyst Kevin Rooke found that over the past week alone, Grayscale Investments purchased 9,503 BTC for its clients while miners produced 6,863 coins.
This is bullish because it shows that a single entity is consuming more Bitocin than miners produce, skewing the supply-demand dynamic in favor of bulls.
In other trending Bitcoin News today:
Bitcoin (BTC) Has Entered Crucial Zone That Preceded 8,066% Bull Run, According to Cryptocurrency Strategist PlanB
The most controversial analyst in crypto says Bitcoin has officially entered a zone that preceded each and every one of its previous parabolic bull runs.
According to the pseudonymous analyst PlanB, BTC is now in the early days of the “fear zone” phase.
The last time this happened in June of 2015, Bitcoin was valued at about $246.
Over the next two-and-a-half years, BTC gradually entered its third epic rally that brought the crypto king to an all-time high of $20,089 on December 17th, 2017 – an 8,066% increase.
PlanB’s analysis is among the most bullish and contentious in all of crypto. The latest version of his stock-to-flow model suggests BTC will hit $288,000 by the end of 2024.
Stock-to-flow has long been used to plot the price movements of precious metals. But critics say the model, which outlines Bitcoin’s scarcity by dividing the total supply by the number of new coins created each year, holds no predictive power because the cryptocurrency’s supply schedule is already known far in advance.
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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.