Bitcoin has flirted with falling under $10,000 multiple times over the past week. If you take a look at BTC’s recent price action, you will see a series of bottom wicks just below $10,000. This shows that Bitcoin traders do not want the leading cryptocurrency to trade under that pivotal support level.
By NewsBTC’s count, the coin has slipped under $10,000 on at least seven occasions over the past week.
Analysts have become worried as they fear the support will eventually be broken. The loss of that level, some have postulated, will trigger a strong collapse that likely takes Bitcoin to the low-$9,000s,
Fortunately for bulls, a prominent trader believes that Bitcoin will hold the crucial level. The trader in question is one that has historically been accurate in his calls, predicting BTC’s drop to $3,000 in 2018, then the recovery to $14,000, then the subsequent drop.
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Bitcoin Will Hold $10,000, Says Historically Accurate Trader
One pseudonymous trader only known as “PentarhUdi” thinks Bitcoin will hold the pivotal $10,000 level moving forward.
In an analysis published September 8th to TradingView, the individual wrote:
“As you can see, $10k level is very important for Bitcoin and was under siege multiple times in the past. From downside… Now the battle is going on from upside. It takes more time than I personally expected, but this doesn’t surprise me much when I look backwards. If Bitcoin hold $10k on weekly basis (i.e. weekly candle will not close below) – it will be a strong ground for further growth. And I’m sure it will.”
This latest remark comes shortly after PentarhUdi said that Bitcoin could hit $20,000 by October or November. Referencing the chart shared below, he wrote:
“This is not more than 4 months prediction, as I spotted new bullish channel . According to my idea price may reach ATH area in 2 months with following some triangle-like consolidation. For EW lovers – I think price is in starting local III wave with all 3rd-wave-specific bullish drama around. Wave length is around 2 months.”
Chart from TradingView.com
It’s worth giving some context about this mysterious trader.
In a now-famous analysis, the trader noted that Bitcoin would bottom around the $3,000s in December 2018. Then, he predicted that the asset would bounce towards $15,000 in the middle of 2019, prior to dropping back towards the $6,000s by late 2019.
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Far from the Only Notable Bull
Mike Novogratz of Galaxy Digital is another analyst expecting Bitcoin to move higher into the end of the year:
“Great bubbles usually end with policy moves… It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus. Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”
Novogratz is in good company when mentioning how macroeconomic trends, along with trends within the crypto industry itself, are priming Bitcoin for further growth.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Scarily Accurate Analyst Thinks bitcoin Will Hold $10,000, Triggering Strong Growth