Bitcoin needs to keep the current price region where it is now to confirm it remains in a bull trend, analysts say.
Bitcoin must hold $ 10,000 for the foreseeable future to confirm it is in a bull market, one macro analysis suggested.
A cryptocurrency chartist and trader shared the chart below, which shows Bitcoin’s macro price action, along with an Ichimoku Cloud indicator. Bitcoin bounced off that level several times during the last bull market to confirm it was in a bull trend.
Chart from TradingView.com. Macro Ichimoku Cloud analysis by crypto trader "Nunya Bizniz" (@Pladizow on Twitter).
He is not the only one who believes Bitcoin should maintain this level.
As reported by NewsBTC, a historically accurate trader believes that Bitcoin must hold $ 10,000 to maintain its bullish uptrend. The trader in question is the one who predicted BTC’s price action until the end of 2018, and all of 2019 after that.
He wrote referring to the chart below:
“As you can see, the $ 10k level is very important to Bitcoin and has been under siege several times in the past. From the bottom … Now the battle goes from above. It takes more time than I personally expected, but that doesn’t surprise me much when I look back. If Bitcoin is holding $ 10k weekly (i.e. weekly candle won’t close below) – this will be a strong foundation for further growth. And I am sure it will. “
Chart from TradingView.com
The stock market is likely to determine the fate of BTC in the near term.
The value of the S&P 500 has been quite close to that of Bitcoin in recent weeks. This means that if the stock market recovers, BTC should too, and vice versa.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusd Charts from TradingView.com Bitcoin Holding $10,000 Could Confirm The Bull Run Is Still On