2020-5-7 18:11 |
Bitcoin has broken above $9,500 and is fast approaching $10K. This is a critical level and one that most investors expect to be reached before next week’s halving. While the event is largely viewed as a bullish one, special circumstances this year have cast a shadow of a doubt if it will play out as such. The bullish sentiment is unwavering and most in the crypto community continue to praise recent market patterns that suggest Bitcoin will moon.
But with the week coming to an end, some investors are nervous that if Bitcoin fails to break $10K before the weekend, the anticipated halving rally could end in disappointment.
The $10K position is a critical one and has in the past ushered in a bullish wave. Most times, it has failed to establish support above it for long and led to a violent pullback. This year we have seen Bitcoin climb to reach highs of $10.2K before dropping back just days later.
With the halving, investors are hoping that the digital asset can at last stick above it. But even before then, some are doubtful that this target will be achieved.
Some analysts including Josh Rager warn that Bitcoin is going to face major resistance at $9,800. Resistance at this position could hinder Bitcoin from reaching the $10K highs which could paint a bearish picture going into the halving. In a message to his Telegram group, Rager noted that for Bitcoin to reach over $10K, he expects several pullbacks mainly caused by whales looking to reaccumulate.
At the time of press, Bitcoin is leading altcoins which as noted by analyst Qiao Wnag is bullish and a sign of new investors.
Feeling pretty good about this rally:#btc leading alts and futures in weak contango tend to be a sign of new money inflow.
Something I haven’t seen in a long long time.
It is further backed by Bitcoin rising dominance which is approaching 68% and looking on track to reach highs of 70%.
It is clear that there is little in the way of Bitcoin reaching $10K. But it is also clear that there are too many speculators who have entered the market and if Bitcoin fails to continue gaining to reach $10K and beyond, it could crash back down.
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