Did the Latest Bear Market Set Bitcoin (BTC) Up For A $10K Rally

Wall Street’s crypto bull Tom Lee had predicted that he expects Bitcoin to rally to $15,000 at the end of the year.

Although his claims have been a bit outlandish traditionally, this claim seems to have some elements of truth in it.

Long-Term Analysis

bitcoin price technical analysis

The support level for bitcoin had been around $6,000 for a very long time, but this week that broke to stabilize in an accumulation zone. The prices never crossed the expectation of $10,000 or even the lower hopes of $8,000.

This lack of bullish agreement brought the value down to the earlier support level of $6,000 and the historical support of $4,500. The lower prices currently should allure institutional investors towards entering the bitcoin market.

Mid-Term Analysis

bitcoin price technical analysis

Numerous indicators show that after oscillating in the range of $5,000 and $6,000 it will soon bounce up to a range of $6,500 and $7,500. Notably, every time Bitcoin has pushed its value in that range, it fell back to the $6,000 support level.

As the top coin broke the intermediate accumulation zone of $6,000, now it depends how swiftly the value moves towards $4,500 zone. Things will be in uncharted territory once the value reaches there.

Short-Term Analysis

bitcoin price technical analysis

The new psychological trigger level is the last sideways movement which has controlled the market since the June of this year.

The upside move was positive as the price even traded above the 23.6% Fib retracement level of the last decline from the $6,501 high to $6,404 low. However, the recovery was capped near the $5,780-5,800 area.

If the prices re-enter this zone from the current accumalation range, it could trigger a rally to up to $10,000. Japanese Candlestick Analysis, which predicted Bitcoin’s plunge from $6,000, now proposes that Soldiers are joining a reinforcing area. Now, the market awaits an external trigger to reinforce the Soldiers to battle again.

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