Bitcoin Chart Pattern says Correction Now Before We Jump above $10,000 USD Price
- Bitcoin to drop down as low as $6,500 before we make our way to $10k
- A correction in BTC price would be followed by a rally in altcoins
We have crossed the $9,000 mark and keeping above it for the past few days now. The first time we breached $9,000 level was in May but it was only for a brief moment. Now, in June which we started on a red note has taken down $9k hard and surged to 2019’s new high at $9,390.
At the time of writing, the world’s top cryptocurrency has been trading at $9,216 with 24 hours gains of 0.10 percent.
Bitcoin is giving a strong bullish signal and the way the leading cryptocurrency is enjoying the greens, it looks like it’s just a matter of time before we take over the $10,000 mark.
However, CNBC’s call for $10k might have us pulling back here as it has worked perfectly as a contra-indicator to crypto trading.
Anddddddd down we gooo! https://t.co/tsARZiS6bI
— The Cryptomist (@TheCryptomist) June 17, 2019
According to crypto analyst, Altcoin Psycho, we would see only a small dip as he says if we fail to reclaim the area around $9,450, a drop is a real possibility. However, this small step back will push us up to $9,700 level. But if we fail to hold this level, we would be in for a short term top.
$BTC Daily Close Update:
Some rejections here, if we fail to reclaim 9450ish I expect a small dip which should boost us back to 9600-9700 if support holds.
If we fail to hold that level, we may be in for a short term top.
Only trading spot here pic.twitter.com/xxc9lb3dRC
— Altcoin Psycho (@AltcoinPsycho) June 18, 2019
Be Prepared for a Price Crash
A similar sentiment is shared by Simon Peters, an analyst at eToro who warns investors to be prepared for a price crash before the next bull run.
“Breaking $9,000 is another significant price moment for Bitcoin, but I’m still not sold on the idea that it’s up, up, up from here. We’re due a significant correction still and prices could fall back to as low as $6,500 before the next major rise. That said, you can’t ignore the continuing price surge we’ve seen this year, and $10k is now firmly in sight.”
Joining Peters and Altcoin Psycho is crypto analyst Galaxy whos says, a correction now would be followed by a rally by altcoins before BTC breaks through $10k level.
Correction now, followed by altcoin party all week and then +$10K next weekend?
— Galaxy (@galaxyBTC) June 17, 2019
Bitcoin has a number of reasons working in its favor. Tether is one such factor as Peter said,
“Bitcoin’s price may have also been boosted by Tether ‘printing’ another $150 million USDT, which has historically been associated with a bump in crypto prices.”
Another factor involves global politics. We are already seeing the US-china trade war escalating and protests in Hong Kong that saw BTC being sold at a premium. Moreover, Britain is preparing for a new Prime Minister. All of this has the investors spooked that are now looking for a safe haven.