Bitcoin is currently taking a breather just a hair below the key $10,000 region that likely marks a psychological price level of significant importance that could ultimately spark mass “fomo” that helps lead BTC back up towards its previously established all-time-highs.
Now, one prominent analyst is noting that Bitcoin’s growing technical strength could allow it to surge significantly higher in the very near-future.
Bitcoin Just an Inch Away From $10,000 as Bulls Celebrate
At the time of writing, Bitcoin is trading up 6% at its current price of $9,920, up significantly from daily lows of roughly $9,400.
This massive upwards momentum appears to be Bitcoin’s final push to $10,000, as it is currently less than 1% away from reaching this key level.
Assuming that the upwards momentum extends further and allows BTC to decisively break above this price level, it is probable that investors who have been waiting on the sidelines for a clear indication of the next imminent bull run will rush into the crypto markets and propel them significantly higher.
Furthermore, a break above $10,000 will likely lead to a deluge of news pieces about Bitcoin from the mainstream media, which will fan the “fomo” flames and lead to a torrent of new market participants.
“$BTC is likely to hit $60k+ this coming uptrend… And people seriously forfeit 500% gains to try catch 10% moves with shorts,” Rager boldly stated.
Analyst: BTC Likely to Surge Another 87% in Very Near-Future
Other analysts are also sharing a similarly bullish sentiment to Rager, and one analyst believes the next upwards move could lead Bitcoin back towards its previously established all-time-highs.
Redxbt, another popular crypto analyst on Twitter, told his over 20k followers that based on a fractal analysis of BTC, which he jovially refers to as “fractology,” he believes the next upwards leg the crypto forms could send it to roughly $18,000.
“BEARS BEWARE! last time I saw a wyckoff distribution chart was on the first red arrow. we’re up 87% since then. I am seeing some of those again here. according to fractology, we SHOULD pump 87% from here, which would take us to 18,000. $BTC”
Although any discussion of ultra-high price targets remains speculative before Bitcoin decisively breaks above $10,000, the growing strength of the cryptocurrency’s buyers signals that significantly further gains could truly be imminent.
Featured image from Shutterstock.
The post Analyst: Bitcoin is About to Pump 87%; Where Will It Slow Down? appeared first on Ethereum World News.