{"id":423029,"date":"2020-05-07T11:00:14","date_gmt":"2020-05-07T11:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=423029"},"modified":"2024-06-11T11:55:31","modified_gmt":"2024-06-11T11:55:31","slug":"why-analyst-that-called-bitcoins-3200-bottom-expects-a-face-melting-move","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-analyst-that-called-bitcoins-3200-bottom-expects-a-face-melting-move\/","title":{"rendered":"Why Analyst That Called Bitcoin’s $3,200 Bottom Expects a “Face-Melting” Move"},"content":{"rendered":"

After a multi-day consolidation around $9,000, Bitcoin is finally breaking out again. Thursday morning saw the cryptocurrency hit $9,400, revisiting the highs of last week as bulls step in.<\/p>\n

While the ever-important $9,400-9,500 zone has held as macro resistance yet again<\/a>, the asset is coiling for a breakout. And according to a top analyst, one who has made accurate macro Bitcoin<\/a> calls, the breakout will be one in the upward direction.<\/p>\n

Bitcoin is Coiling to Break Past $10,000<\/h2>\n

The recent rejection at $9,400 is no worry for Bitcoin, according to a top trader. He noted that considering the recent price action, there’s a good chance BTC could hit $10,700 in the coming week.<\/p>\n

As to why the trader thinks this is the case, he explained<\/a>:<\/p>\n

“I might be wrong but something that’s been bugging me is how some of the stronger altcoins like ADA\/USD ook mad bullish but ADA\/BTC looks like trash, so I kind of feel BTC is going to go on a face melting move soon.”<\/p><\/blockquote>\n

\"Bitcoin
Chart from @SmartContracter (Twitter)<\/figcaption><\/figure>\n

Although some are skeptical of the efficacy of Elliot Wave analysis, the trader has a strong track record in analyzing the crypto markets.<\/p>\n

In the middle of 2018, when Bitcoin was in the midst of a bear market, he revealed<\/a>\u00a0at which point he expects BTC to bottom, writing:<\/p>\n

\u201cI\u2019m calling a bottom at exactly 3.2k with a 200 dollar leeway either side.\u201d<\/p><\/blockquote>\n

Not the Only Bull<\/strong><\/h2>\n

It isn’t only the abovementioned trader that expects an imminent move past $10,000 for Bitcoin.<\/p>\n

Another top trader recently shared<\/a> the chart below, indicating the cryptocurrency is poised to break to $11,000 in the near future. Backing this cheery sentiment was a confluence of signs:\u00a0<\/a><\/p>\n