- Bitcoin hits a new 2020 high after breaking over the $10k level
- The price of Bitcoin could rally another 100 percent in the near term
- Bitcoin would still remain bullish even if it breaks slightly below its current levels – Josh Rager
Bitcoin News Today – Finally, Bitcoin (BTC) has been able to break over its major hurdle point on the upside. After hovering below the major hurdle around the $10k level, BTC bulls were able to push the price of the digital currency over that level. BTC broke over $10k and moved into the $10,100 zone. This upsurge has marked a huge extension of the momentum that the digital currency has seen throughout this year.
This sharp increase has also helped the digital currency to form an incredibly bullish market structure. According to analysts, BTC is on the cusp of seeing a massive upward trend, as history shows that breaks over the $10k level are typically accompanied by gains ranging between 14 percent and 100 percent.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Could Rally Another 100 Percent after Breaking $10k
At press time, the world’s most dominant digital currency is trading at $10,100 after an increase of more than 3 percent over the past day. This marks a considerable increase from the low of $9,700 that the digital currency tested last night. It is crucial to note that the ability of buyers to absorb the intense selling pressure that bears tried to catalyze during the sell-off was a bullish sign, with the underlying strength elucidated by the defense of this level is further confirmed when the digital currency broke over the $9,800 mark.
One factor that should be considered in the short-term is that historically, the rallies of BTC do not end at $10k, with all breaks over this level resulting in further uptrends that have been as large as 100 percent. A prominent digital currency analyst on Twitter – Hsaka – recently talked about this in a tweet.
The analyst pointed to a chart showing that the break of BTC over the $10k level over the past few years has resulted in further rallies of 99 percent, 14, and 26 percent.
$BTC breaks $10,000.
Prior instances of breaking it after a substantial retrace. pic.twitter.com/M3vloBouYj
— Hsaka (@HsakaTrades) February 9, 2020
Bitcoin Is Set to Post a Huge Bullish Weekly Close
Bitcoin (BTC) is about to post a huge bullish weekly close, but it is very important that the bulls hold the price of the digital currency over the $9,556 mark. Another prominent digital currency analyst – Josh Rager – recently tweeted about the importance of this level. He said that the digital currency will still be bullish even if it sees a slight plunge from its current levels.
However, one sure thing in the short-term is that BTC’s break over the $10k level would result in some extreme volatility. Fortunately, the current market structure of the digital currency and its historical precedent both suggest that the volatility will overwhelmingly favor BTC buyers.