Top cryptocurrency by market capitalization, BTC has started a surprise price recovery which many believe is the continuation of its January bull run. According to stats on CoinmarketCap, bitcoin gained as much as 4 percent over the last 24 hours to touch around $9,900 as of the early hours of Sunday.
Bitcoin Nearing $10K
This sharp surprise price recovery of bitcoin is fast reviving hopes in many investors who began to panic after the flash crash of 10 percent recently seen. As bitcoin dazzled around the $9.6k area, some fright filled the air in concerns that the top crypto might break the critical support at $9.5k. At press time, bitcoin changes hands at $9,860.
And now, having made the opposite run, it seems bitcoin has set course to surpass the $10k level again and press forward towards greater prices.
As this move just took the position, analysts have yet to exactly define adequate responses to the price action, though there are some already trying to explain what Bitcoin’s around 4% surge means for its short-term outlook.
What Analysts Are Saying?
Next, a popular trader, explained that the cryptocurrency, having broken out of a short-term ascending triangle in this recent move, has a measured target of around $10,220 — 3.2% above the current price.
Josh Rager, a well-known investor, and content creator implied that the cryptocurrency could head towards the top of the range just above $10,100. A close above the range could set the stage for a move to fresh local highs above $10,500
Hey Bitcoin, you are alive
Very important that $BTC price can get above and stay above $9800 here pic.twitter.com/f56zytEzvg
— Josh Rager
(@Josh_Rager) February 23, 2020
There’s also HornHairs, who wrote that Bitcoin is currently up against heavy resistance at $9,900, Monday’s high and the weekly open. Though, he remarked that as long as $9,500 stays intact on a daily and weekly basis, he would be inclined to suggest that a move to $10,200, then to $11,000 will take place in the coming weeks.
$BTC Macro Update:
Nasty shakeout so far. Midrange pushing back.
Want to see price close today above $9485 to maintain range low and bullish structure. Would still look good for further upside in that event.
2 hours to go.
pic.twitter.com/B4lavJCKpQ
— HornHairs
(@CryptoHornHairs) February 19, 2020
A 500-Day Bull Run
With reference to a recent market analysis performed by renowned investor and trader CryptoKea, there are reasons to believe that the bitcoin bull market once resumed will last for at least the next 500 days. Although the price extent for this massive bull rally was not exactly predicted, many believe it will see the king crypto surging beyond its all-time-high price of $20k.
“During the last two #Bitcoin bull cycles, price bottoms and tops fluctuated around halving dates in an almost equal ratio.” Cryptokea said…”If this relationship were to hold true, we still have more than 570 days of bull market ahead of us, with a cycle top coming in around Sep 2021.”
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