Bitcoin has once again been caught in the throes of massive volatility, experiencing a parabolic price surge yesterday before plunging over 20%. This price action has led many investors to quickly flip bearish on BTC, but a bullish response to its latest drop could lead it significantly higher.<\/p>\n
Analysts are now noting that Bitcoin is still caught in a firm uptrend in spite of this recent volatility, which likely signals that it will continue climbing higher in the near-future.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 4% at its current price<\/a> of $11,850. BTC\u2019s latest move upwards signals that the cryptocurrency does have support in the $10,000 region, which likely signals that it will continue to extend its upwards momentum in the short-term.<\/p>\n Importantly, BTC is still up significantly over a one-month period, surging from lows of $7,500 to its recently established highs of just below $14,000.<\/p>\n So, while zooming out and looking at Bitcoin\u2019s macro price action, it becomes increasingly clear that bulls are still in firm control, which may mean that yesterday\u2019s drop is actually a healthy pullback that will allow the crypto to continue climbing higher.<\/p>\n Mayne, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin\u2019s price action in a recent tweet, explaining that $9,500 is a key level to hold, and if it does hold above this level it may surge as high as $16,000 in the near-term.<\/p>\n \u201c$BTC Dumped into a HTF block and have recovered nicely. If you panic sold at $10k yesterday you are waking up salty. Patience is key if you are freaking out zoom out! We lose the grey we test $9.5k, I’m a buyer there. Otherwise once [Bitcoin] regain the 2018 y\/o I expect $16k quickly,\u201d he said.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n Dumped into a HTF block and have recovered nicely. If you panic sold at $10k yesterday you are waking up salty. Patience is key if you are freaking out zoom out!<\/p>\n We lose the grey we test $9.5k, I'm a buyer there. Otherwise once ifregain the 2018 y\/o I expect $16k quickly. pic.twitter.com\/TUdBbZSjZJ<\/a><\/p>\n — Mayne (@Tradermayne) June 28, 2019<\/a><\/p><\/blockquote>\n\n