“Bitcoin has Enough in the Tank to Break $10k,” says Analyst Citing Triggered FOMO as Catalyst
- Watching for a slight pullback here, touch support and to continue to move up
- During the recent rally eToro’s overall client holdings of BTC rose by about 13%
- “Sentiment is still very bullish and momentum is sustained” – eToro’s Mati Greenspan
On May 27th, Bitcoin surged to nearly $9,000 but didn’t manage to cross this level. Throughout this month, the leading cryptocurrency has been breaking one level after another as it breached first $6k, then $7and finally $8k.
Currently, BTC/USD is trading at $8,726 and everyone is looking for the $10,000 level that is expected to drive the FOMO, leading to a new peak.
However, given the fact that since nearing $9k level, Bitcoin has pulled back and not able to go through, it is hard to know when we will achieve the $10k level. However, according to crypto analyst, and trader FlibFlib, Bitcoin has “enough in the tank to break $10k.”
— fil₿fil₿ (@filbfilb) May 29, 2019
FlibFlib says shorts are under pressure to close in profit which coupled with 61.8% magnet before institutional short interest and FOMO will drive the price, however, a target above $10k before a correction is also not out of the picture yet.
Recently, Alex Mashinsky, the founder of crypto startup Celsius Network and developer of Voice Over Internet Protocol said he expects BTC to touch $10,000 soon as well.
“So I think we’re going to go above ten thousand before we see a correction. Because these guys are going to be squeezed out. We haven’t seen the pain yet. We have not seen them cover. They have to cover, and when they cover, they buy bitcoin.”
Folks get ready for the #Bitcoin price to blast through the 10k
A major FOMO is about to be triggered
— Naeem Aslam (@NaeemAslam23) May 27, 2019
Bitcoin Sentiments “very Bullish”
Crypto trader and investor Josh Rager points out the V bottomed on the lower time frame after BTC drops to $8,400. According to him, this “v” bottom was a bullish sign but we still need to see higher-lows on the trend.
Currently at $8,700, Rager is expecting a “slight pullback” to about $8,620 level before it continues to move up.
$BTC – V bottomed on lower time frame (15 Min chart)
Watching for a slight pullback here, touch support and to continue to move up
IMO, the "v" bottom was bullish sign but need to see "higher-lows" on the trend pic.twitter.com/73Ruxc5mzw
— Josh Rager 📈 (@Josh_Rager) May 29, 2019
Mati Greenspan of eToro, in his market insights also wrote about the bullish picture painted by Bitcoin.
“Despite the extreme volatility, it seems as though this market is rather fearless. As we consolidate near the highs, the fact that each attempt at a pullback is met with a quick recovery tells me that sentiment is still very bullish and momentum is sustained.”
Bitcoin Holdings Registers a Surge
After the brutal winter of 2018, Bitcoin has started to feel the colors of green. Experts are already calling out the start of the bull market and the majority of the community also believes we are in the spring as declared by the poll conducted by Mati Greenspan, senior analyst at eToro.
Per his poll on Twitter with 66 percent votes out of the total 3,843 cast, have voted for “Spring.”
What season is it in crypto right now?
— Mati Greenspan (@MatiGreenspan) May 27, 2019
In another of his Tweet, Greenspan shared that eToro clients also participated in the recent surge in Bitcoin price. During this rally, the BTC holdings of eToro’s clients actually rose 13 percent.
The data is in!!
— Mati Greenspan (@MatiGreenspan) May 29, 2019
Bitcoin’s price is $47,896.57 BTC/USD exchange rate today. The real-time BTC market cap of $892.93 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $14.78 Billion and live coin value change of BTC -1.51 in the last 24 hours.