As Bitcoin Grapples With $9K, A Bullish Pattern Suggests Next Jump Will See it Through to $10.5K

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As Bitcoin Price Grapples With $9K, A Bullish Pattern Suggests Next Jump Will See It Through To $10.5K
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Bitcoin has climbed back above $9K. This marks the tenth time it has done this in its history. Its return is a quick turnaround after visiting its supports on Monday. Yesterday Bitcoin reached for its lower support of  $8,600. For most seasoned traders, they capitalized on this drop by reaccumulating.

As Bitcoin approaches its recent high of $9.4K, a bullish pattern suggests that a break above this resistance could see Bitcoin shoot straight to $10.5K. The bullish pennant pattern shows that there’s potential for Bitcoin to gain around $1,000 in a short time.

As Bitcoin Rallies Above $9K, A Bullish Pattern Suggests Next Jump Will See It Through To $10.5K
Bitcoin Price Chart Via Coin360

As witnessed last week, Bitcoin easily gained $1,000 in less than 24 hours. With many already predicting Bitcoin will reach over $10K by the halving expected next week, we could witness a scenario where Bitcoin gains over $1,500 in the next couple of days.

Although Bitcoin has struggled to stay above $10K in the long term for the last 2 years, its first break above this key resistance has led to record highs. When Bitcoin broke above $10K early this year, it was unable to rally hard only reaching $10.3K before meeting resistance and falling back to mid $9K.

This time, the crypto community expects Bitcoin to continue riding on the halving event long enough to test 2019’s high of $14K. Others expect the same momentum to propel the digital asset to its all-time high of $20K. With Bitcoin halving searches reaching ATHs this week, it’s clear that this, the third Bitcoin halving, is the most significant one.

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With most buyers right now believed to be speculators, there is continued fear that prices might crash after the halving as most take profits. Additionally, the COVID-19 pandemic continues to weaken investors’ spending, limiting the number of buyers and the amount they purchase. Because of this, some investors are approaching the halving with caution.