Bitcoin Bulls Target $11.5k After Sharp Price Bounce

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Bitcoin Stable At $9.5K After Sharp Price Drop, Is $10K Still The Target?
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At press time, Bitcoin is holding up strong at a price of $10,700. The market sentiments among analysts and traders are similar; an $11,000 price breakout is in sight. Yesterday, the bulls fired up and broke through the sideways price movement that left Bitcoin peaking between the $10,300 to $10,500 mark.

A sharp decline to the lower ends of $9,000 was recorded, precisely $9,916 but prices flipped over almost as quickly and the result of this recovery is propelling Bitcoin to a much-needed bull run. As noted in our previous report, analysts are very optimistic about the price rally, as a result, they had mostly opined that the bear trend over the past week was temporary.

The tailwind movement in price, courtesy of the exiting consolidation became effective with a bullish reversal pattern that pushed Bitcoin to a daily high of $10,800 yesterday, a price that it has now revisited at the time of this writing.

The next resistance level which has served as previous support is the $11,000 mark and Bitcoin is well poised to make the swing, given that there is no strong price rejection. If this happens, retesting the $11,500 mark, a price that was last seen on the 9th of this month will be the next goal. Without a major price rejection from the bulls, $12,000 might be in sight within the next few days, although some analysts argue that this is still a long shot.

Meanwhile, a bigger question is whether Bitcoin can control the bearish waves after attaining a price breakout above the $11,000 mark. In the history of Bitcoin, as many analysts have observed, traders are known to withdraw at $10k due to the uncertainty caused by the standby volatility. Traders will usually key in during a bear term and pull back around $10,000 for fear of a bearish trend.

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It was this barrier that sparked the debate on Bitcoin’s ability to successfully maintain a price above $10,000. All two times when prices hit an all-time high, ($19,783 in 2017 and $12,920 in 2019), a downtrend quickly followed.

However, analysts remain unshaken in the opinion that the adoption rate has increased tremendously since the last few years and this is indeed a fact. The gamble on the market’s advancement over the last one year has led traders to collectively settle at a prediction of $20,000 as the closing price of the year. But the possibility of this is once again dependent on whether Bitcoin can at least stay put above $10,000.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.