{"id":427900,"date":"2020-06-19T11:00:35","date_gmt":"2020-06-19T11:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=427900"},"modified":"2024-06-11T13:42:25","modified_gmt":"2024-06-11T13:42:25","slug":"analyst-sets-bitcoin-target-at-10450-as-price-holds-mid-2019-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-sets-bitcoin-target-at-10450-as-price-holds-mid-2019-support\/","title":{"rendered":"Analyst Sets Bitcoin Target at $10,450 as Price Holds Mid-2019 Support"},"content":{"rendered":"
Bitcoin could retest its June 1 high<\/a> if it manages to hold at least above $9,250, according to prominent market analyst Micha\u00ebl van de Poppe.<\/p>\n The Amsterdam stock market trader said in a Friday tweet that he sees the BTC\/USD exchange rate hitting $10,450 in the coming sessions. It is the same level that halted Bitcoin’s uptrend earlier this month \u2013 and sent its price to as low as $8,895.<\/p>\n Nevertheless, the cryptocurrency underwent a sharp upside recovery and closed above a short-term support range \u2013 defined by $9,250 and $9,300. Mr. Poppe said holding the area could prompt Bitcoin to consolidate sideways before it moves above $9,550.<\/p>\n “Might be consolidating in the range some more,” he tweeted<\/a>. “Breaker of $9,550 would be the next step.”<\/p><\/blockquote>\n <\/a><\/p>\n Mr. Poppe further indicated that breaking above $9,550 would lead to an extended breakout trend, first towards circa $10,000, followed by a retest of $10,450.<\/p>\n The range presented by Mr. Poppe also coincided with another critical support defined by Bitcoin’s 50-day moving average (the blue wave in the chart below).<\/p>\n <\/a><\/p>\n Traders have lately maintained their bullish bias above the 50-DMA. Staying below the blue wave has raised possibilities of Bitcoin testing levels near or above $10,000<\/a>, a critical resistance level.<\/p>\n The bias has received further strength from a confluence price floor near $9,200. Bears, for instance, attempted to close below the said level June 11 and June 15. Nevertheless, bulls neutralized the downside sentiment with an equally intense buying pressure near the dip<\/a>.<\/p>\n Each move below $9,200 met with a sharper pullback.<\/p>\n <\/a><\/p>\n Part of the reason why traders show a more robust accumulation behavior near $9,200 is its historical relevance during the 2019 price rally. The level behaved as a concrete price floor during Bitcoin’s uptrend towards $14,000.<\/p>\n Meanwhile, it also capped the price from falling during Bitcoin’s price correction from the same top.<\/p>\n A downside scenario is also brewing inside the Bitcoin market with the formation of a Falling Wedge pattern.<\/p>\nBitcoin price chart on TradingView.com<\/a> showing it holding support above $9,250-$9,300. Source: TradingView.com<\/a>, Crypto Micha\u00ebl<\/pre>\n
A Significant Bitcoin Support Area<\/h2>\n
Bitcoin price chart on TradingView.com<\/a> showing it testing support near its 50-day moving average. Source: TradingView.com<\/a><\/pre>\n
Bitcoin price chart on TradingView.com<\/a> showing it testing support near $9,200. Source: TradingView.com<\/a><\/pre>\n
A Dissenting Scenario<\/h2>\n