At press time, bitcoin (BTC) – the world’s number one cryptocurrency by market cap – is doing better than it’s done in months. Not since late October of last year has bitcoin seen numbers like this, and the currency is on the verge of hitting the $9,900 figure. This would put it just under $10,000 – not only a highly respectable number, but one that crypto traders haven’t seen in about six months and one that represents bitcoin’s present resistance level.
Bitcoin Is Close, but Can It Truly Hit $10K?
This is probably why so many crypto analysts think the currency is having a hard time gracing this level. The currency has been working its behind off trying to reach five-figure territory since the beginning of January. Since the early part of the new year, it’s even come close a few times, but has never quite gotten there. Will it do so within the next few days when it appears closer than ever?
Analysts appear relatively mixed on when – and how – they think that will happen. Joe DiPasquale – chief executive officer of hedge fund manager Bit Bull Capital – explained in an interview:
Bitcoin is currently in a resistance zone. The price has been trading roughly between $9,500 and $9,800… An attempt at $10,000 will become easier once $9,800 becomes an immediate support.
Another industry leader giving his two cents on the matter is Jon Pearlstone, the publisher of the cryptocurrency newsletter Crypto Patterns. In a recent interview, he explained:
We saw a strong surge in price and volume this week when that level broke. There are multiple indicators showing BTC still has an upside here, with a few examples being strong volume, holding above the $9,500 level for several days, and solid strength in large altcoins such as Ethereum (ETH) and Litecoin (LTC). You could characterize $10,000 as strong resistance. It’s more likely a range being tested, so falling below $9,500 is not a break of support without other indicators confirming.
We’ve also witnessed some confusion as to whether we’re in an actual bull market. At first glance, it appears like we are, considering bitcoin has added approximately $3,000 to its overall price since early January. In addition, it’s been joined by several of its altcoin cousins given that currencies like bitcoin SV (BSV) have shot up by nearly 100 percent since the middle of last month.
However, we’ve noticed some conflicting reports, with individuals like John Bollinger – who’s famous for his Bollinger Bands technical chart indicator – claiming that bitcoin hasn’t quite left its behavior from late 2019 behind.
The Bulls Have Entered the Frame
On the other hand, others – like Marouane Garcon, managing director of crypto trading platform Amulet – believe we’ve entered bull territory. Discussing BTC, he mentions:
I think we’ll see $10K very soon. It’s only a matter of time. Volume is looking great. I would be confident in saying we’re in a bull market.