Analyst That Predicted Bitcoin’s 2018 Bottom Anticipates Imminent Break of $10k

In recent days, Bitcoin has struggled to exceed $ 10,000. Yesterday, the cryptocurrency was turned down from key resistance for the second time in a week for the second time in a week, dropping to $ 9,200 just hours after it failed to break down into five digits.

But analysts are convinced that Bitcoin will start collecting more than $ 10,000 in the coming weeks.

Bitcoin is preparing for an increase of over $ 10,000

According to the same trader who predicted that Bitcoin would drop to $ 3,200 in 2018 six months in advance, BTC is about to accumulate over $ 10,000.

Sharing the chart below, the analyst noted that “Bitcoin [recently] smashed fits “a major technical resistance while the cryptocurrency has held crucial historical levels, leading him to conclude that a move towards $ 11,500 is possible in July.

Chart from @SmartContracter indicating that Bitcoin will rise higher in the coming days.

The positive outlook has been shared by other analysts.

As reported by NewsBTC, a popular trader noted that as long as Bitcoin holds $ 9,350 on a notable timeframe like the past few days, the cryptocurrency could be cleared to pass $ 10,000:

BTC access granted to bulls. Price trading above my bull trigger, let’s see if it’s valid. Above both the monthly + weekly S / R levels and the low timeframe range high. Stay above ~ $ 9350 and I see us chasing $ 10.5k. ‘

Related reading: Bitcoin can get a huge boost if Democrats propose $ 3 trillion in extra stimulus

Sales wall can stop any rally in the short term

As the technical prospects develop in favor of bulls, there is a $ 10,000 level sales wall building that poses a short-term threat to Bitcoin.

According to a well-known crypto trader, there is a remarkable amount of sales pressure at $ 10,000.

He noted on May 14 that there are 2,461 BTC of sales orders for $ 10,000 on Binance and 500 BTC of sales orders for $ 10,000 on Bitstamp, according to market data. In addition, there are hundreds of coins with sales offices ranging from $ 10,000 to $ 10,400 on other exchanges, indicating a sales wall worth at least $ 30 million.

Should BTC fail to bid during a rally attempt in the coming days, this could be strongly rejected by the Binance sales wall, which will act as resistance to the cryptocurrency market as long as it remains in the order book.

Bitcoin sells walls

Chart by Nik Yaremchuk, former analyst at crypto fund Adaptive Capital. It indicates that there is a huge selling pressure building above the Bitcoin price.

While $ 25 million may not seem like much, the last time Bitcoin saw a sales wall crashed.

As previously reported by NewsBTC, on May 9, the cryptocurrency ran into a massive $ 30 million sales wall from the price of $ 10,010 to $ 10,230.

In the two days after this sales wall was found, the cryptocurrency collapsed $ 2,000, crushed because bulls couldn’t exceed that key level.

Related reading: Bullish for Crypto: The Federal Reserve’s balance sheet explodes to $ 6.9 trillion
Photo by Wolfgang Lang on Unsplash

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