{"id":383885,"date":"2019-05-27T15:55:20","date_gmt":"2019-05-27T15:55:20","guid":{"rendered":"https:\/\/wncen.com\/?p=383885"},"modified":"2024-06-11T13:43:28","modified_gmt":"2024-06-11T13:43:28","slug":"its-pullback-against-breakout-run-as-bitcoin-price-eyes-10000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/its-pullback-against-breakout-run-as-bitcoin-price-eyes-10000\/","title":{"rendered":"Analysts Foresee Bitcoin Surging to $10,000 Without a Pullback as it Hits $8,947"},"content":{"rendered":"

The bitcoin price jumped on Monday, almost retesting the $9,000-level for the first time since May 2018 in what seemed like a clear bull run.<\/p>\n

The world’s leading cryptocurrency climbed as much as 13.5 percent, measured from levels on Sunday noon, and was trading at $8947.88 as of 0100 UTC today on US-based Coinbase exchange. The jump brought bitcoin’s maximum year-to-date gains to 142.40 percent, attesting to the end of 2018’s infamous bearish phase that wiped more than 70 percent of bitcoin value from its all-time high at $20,000.<\/p>\n

\"bitcoin\"<\/a>
Bitcoin Price Comes Closer to Retesting $9,000 After 12 Months | Image Credits: TradingView.com<\/figcaption><\/figure>\n

Bulls now believe that the cryptocurrency would retest its historic peak once again, even though it remains about $11,500 below the target at the time of this writing. The renewed buying sentiment finds its roots in a series of uplifting news<\/a> from the broader financial industry, particularly from Fidelity Investments. The Boston firm, which was managing $2.3 trillion worth of assets as of March 2018, announced that it would start offering Bitcoin trading services to its institutional clients.<\/p>\n

Nevertheless, there are also theories that say bitcoin is an overvalued asset. Analysts at JP Morgan Chase recently noted<\/a> that the cryptocurrency’s rate has surged beyond its “intrinsic value,” – a prediction many in the cryptocurrency community rejected, stating that the banking behemoth earlier didn’t even accept that bitcoin had value.<\/p>\n

Pullback Before Breakout<\/h2>\n

In the middle of bullish and bearish arguments are technical analysts that are predicting bitcoin at a six-figure rate – based on popular market indicators. But yet, a segment of those examiners are careful about a significant price pullback before anything big takes place.<\/p>\n

Well recognized cryptocurrency trader and investor Josh Rager said bitcoin could possible correct by at least 30 percent on every top formation, citing the asset’s historical price behavior.<\/p>\n

“The average gain after a 30%+ pullback was over 153% profit before the next strong pullback,” stated Rager.<\/p><\/blockquote>\n

https:\/\/twitter.com\/Josh_Rager\/status\/95085312<\/p>\n

Cred, another famous cryptocurrency analyst, also envisioned a potential pullback scenario in which the bitcoin price could fall as low as $6,182 due to its overbought conditions. Nevertheless, the alias remained bullish from a long-term perspective.<\/p>\n

“I have no reason to turn bearish yet – even if this range breaks down I’ll be a buyer at mid 6,000s (where we last wicked). A breakout would take us to roughly $10,000,” wrote Crypto Cred ahead of Monday’s price rally.<\/p><\/blockquote>\n

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$BTC<\/a> High Time Frame Analysis<\/p>\n

Broke through resistance with no pullback to the level. <\/p>\n

$8200 area is technically support now. Losing that level would indicate a short-term top & almost certainly take us to the range low. <\/p>\n

Overall bias: buying HTF dips unless below red level. pic.twitter.com\/rOAHfs1HOv<\/a><\/p>\n

— Cred (@CryptoCred) May 27, 2019<\/a><\/p><\/blockquote>\n