The price of Bitcoin has once again broken past $10,000. However, some analysts are now predicting that the premier cryptocurrency still has bullish momentum left to give. Specifically, technical indicators suggest that Bitcoin could soon rally past the $11,000 line.
Bitcoin has definitively broken past $10,000
At the time of writing, Bitcoin is trading at $10,382, according to data from COIN360. Moreover, the following chart shows that practically the entire cryptocurrency market is currently in the green. This comes on the heels of a recent surge in both the price of Bitcoin and the wider crypto market.
Yesterday, Bitcoin once again broke through the psychologically important $10,000 line. This came after Bitcoin fell back to $9,000 levels in a flash sell-off on the day before.
Furthermore, analysts are bullish, with Fundstrat Global Advisors’ co-founder Tom Lee predicting an incoming 200% Bitcoin surge. Additionally, Anthony Pompliano recently said that Bitcoin’s surge above $10,000 could be the start of a $100,000 Bitcoin rally.
Now, these analysts’ views are also receiving some support from technical indicators. According to one technical analysis, Bitcoin is currently consolidating recent gains at an interval between $10,300 and $10,400.
Bitcoin futures are already trading past $10,500
Furthermore, the same report states that Bitcoin’s recent rise is also creating new support levels. Bitcoin is now said to have substantial support at roughly the $10,200 and $10,000 levels. If the $10,200 support is broken, it appears likely that support around $10,050 would halt the slide towards lower levels.
Nevertheless, the markets are fickle, and are always uncertain. No matter what, Bitcoin also holds support around $9,970 – which is close to Bitcoin’s 100 hour simple moving average. Bitcoin CME futures are also rising, and are currently trading at $10,545, according to TradingView.
Bitcoin could be on track for $11,000
What’s more, Bitcoin’s intraday trend is decidedly bullish. The next resistance levels are at $10,400, $10,500 and $11,000. However, if the Bitcoin CME futures’ price is any indicator, Bitcoin could soon surge past both $10,400 and $10,500.
If so, the road would be open for a Bitcoin rally towards $11,000. This would be in line with recent suggestions of an imminent “vertical Bitcoin rally”, that a NewsBTC article suggests could bring Bitcoin to $11,500 and $12,000.
As such, it will be interesting to watch the crypto markets in the coming hours and days. If Bitcoin manages to break past $10,400 and $10,500, there are ample chances for a substantial Bitcoin rally. What’s more, such a rally would, in all likelihood, bring the wider cryptocurrency market with it.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.