{"id":423140,"date":"2020-05-07T23:28:42","date_gmt":"2020-05-07T23:28:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=423140"},"modified":"2024-06-11T13:48:24","modified_gmt":"2024-06-11T13:48:24","slug":"bitcoin-just-surged-to-10000-heres-what-analysts-think-comes-next","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-just-surged-to-10000-heres-what-analysts-think-comes-next\/","title":{"rendered":"Bitcoin Just Surged to $10,000: Here&#8217;s What Analysts Think Comes Next"},"content":{"rendered":"<p><a href=\"https:\/\/uniquehot.com\/2020\/05\/07\/bitcoin-surges-near-10000-destroying-20m-in-bitmex-short-positions\/\">Just hours after our last market update<\/a>, Bitcoin has topped $10,000. This is the first time the cryptocurrency has done this in over seven weeks.<\/p>\n<p>After holding $9,400 for all of Wednesday, the cryptocurrency surged higher over the past few hours, passing resistance after resistance in the $9,000s, culminating in the surge past $10,000 just minutes ago.<\/p>\n<figure style=\"width: 804px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/9EwqDqRW\/\" alt=\"Bitcoin price chart\" width=\"804\" height=\"452\"><figcaption class=\"wp-caption-text\">Chart from TradingView.com<\/figcaption><\/figure>\n<p>This latest move may not be that notable in percentage terms but analysts say it\u2019s important from a technical standpoint. One trader, in fact, commented that once Bitcoin decisively clears past $9,500, he doesn\u2019t see \u201cmuch stopping us\u201d until $10,500.<\/p>\n<h2><strong>Bitcoin Is Readying for More Upside\u00a0<\/strong><\/h2>\n<p>While there remain bears, the majority of analysts believe that Bitcoin is on track to rally in the short to medium term.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/2020\/05\/07\/why-analyst-that-called-bitcoins-3200-bottom-expects-a-face-melting-move\/\">A top trader indicated yesterday<\/a> that there&#8217;s a good chance BTC could hit $10,700 in the coming week. As to why the trader, who called Bitcoin&#8217;s 2018 bottom six months in advance, thinks this is the case, he <a href=\"https:\/\/twitter.com\/SmartContracter\/status\/14202885\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener nofollow\">explained<\/a>:<\/p>\n<blockquote><p>\u201cI might be wrong but something that\u2019s been bugging me is how some of the stronger altcoins like ADA\/USD ook mad bullish but ADA\/BTC looks like trash, so I kind of feel BTC is going to go on a face melting move soon.\u201d<\/p><\/blockquote>\n<p>To corroborate this, the MACD, Parabolic SAR, and moving averages have all signaled that bulls have strength on a weekly timeframe.<\/p>\n<p>Whales seem to be preparing for more upside as well.<\/p>\n<p>Citing data from Glassnode, Willy Woo on May 5th <a href=\"https:\/\/twitter.com\/woonomic\/status\/73191425\" rel=\"nofollow\">noted<\/a> that the population of large Bitcoin holders (1,000+ coins) has increased strongly since January\u2019s lows. This indicates these users have been in \u201csolid accumulation mode,\u201d which is a \u201cmacro bullish\u201d trend:<\/p>\n<blockquote><p>\u201cWhale population spotted increasing in the wild. They\u2019ve been in solid accumulation mode since January unperturbed by the COVID crash. This is macro bullish,\u201d Woo said in reference to the chart below.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/whalebreedingseason?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#whalebreedingseason<\/a> Whale population spotted increasing in the wild. They&#39;ve been in solid accumulation mode since January unperturbed by the COVID crash. This is macro bullish.<\/p>\n<p>Whales are entities holding 1000 BTC+, data by <a href=\"https:\/\/twitter.com\/glassnode?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@glassnode<\/a> <a href=\"https:\/\/t.co\/6HLFapIfNe\" rel=\"nofollow\">pic.twitter.com\/6HLFapIfNe<\/a><\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/73191425?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 6, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2020\/05\/06\/bitcoin-whales-have-been-buying-en-masse-since-early-2020-macro-bullish-sign\/\">Bitcoin Whales Have Been Buying En-Masse Since Early-2020: \u201cMacro Bullish\u201d Sign<\/a><\/h6>\n<h2><strong>There&#8217;s a Risk of a Post-Halving Crash<\/strong><\/h2>\n<p>Although Bitcoin is ripping higher, some fear that there will be a post halving crash.<\/p>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-29\/bitcoin-tops-8-000-for-first-time-since-march-amid-halving-hype?srnd=cryptocurrencies\" rel=\"nofollow\">Speaking to Bloomberg,<\/a> Christel Quek, chief commercial officer and co-founder at Bolt Global, remarked on the chance of BTC falling after the halving:<\/p>\n<blockquote><p>&#8220;This is an unprecedented time as liquidity remains a priority for investors fleeing equity markets. Therefore, while Bitcoin should rise into <span class=\"\" data-value=\"10000\" data-original=\"$10,000\" data-symbol=\"$\">$10,000<\/span>s after the halving, it could be followed with a price drop as investors engage in profit taking. No level of technical support can stand when the economy is drained.\u201d<\/p><\/blockquote>\n<p>Meltem Demirors, CSO of crypto research firm and investment fund CoinShares, echoed this skepticism. She proposed that we will get a classic &#8220;buy the rumor, sell the news&#8221; event, whereas prices will drop as halving subsides.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/2019\/11\/19\/bitcoin-price-edge-cliff-redux-2018-capitulation\/\">This lines up with the concept of &#8220;miner capitulation,&#8221;<\/a> which suggests that drops in the profitability of miners cause sell-offs in the BTC prices.<\/p>\n<p>An analyst explained in a Twitter thread last year that when smaller, non-industrial\u00a0<span class=\"glossaryTerm\" data-title=\"Mining\" data-content=\"A process where algorithms use mathematical function to guess the hash of a block. This acts as collection, validation.\" data-url=\"\/glossary\/mining\">mining<\/span>\u00a0operations \u201cget backed into a corner,\u201d they\u2019re forced to liquidate the coins they earn via\u00a0<span class=\"glossaryTerm\" data-title=\"Mining\" data-content=\"A process where algorithms use mathematical function to guess the hash of a block. This acts as collection, validation.\" data-url=\"\/glossary\/mining\">mining.<\/span><\/p>\n<p class=\"svecc-content-banner-added\"><span class=\"glossaryTerm\" data-title=\"Mining\" data-content=\"A process where algorithms use mathematical function to guess the hash of a block. This acts as collection, validation.\" data-url=\"\/glossary\/mining\">They liquidate their coins,\u00a0<\/span>often all at once, to keep the lights on, cash out, or to upgrade their systems for the future:<\/p>\n<blockquote><p>\u201cUndercapitalized miners panic sell, price dumps, longs get squeezed, stop losses cascade \u2014 then more miners lose their lunch.\u201d<\/p><\/blockquote>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Just hours after our last market update, Bitcoin has topped $10,000. This is the first time the cryptocurrency has done this in over seven weeks. After holding $9,400 for all of Wednesday, the cryptocurrency surged higher over the past few hours, passing resistance after resistance in the $9,000s, culminating in the surge past $10,000 just minutes ago. This latest move may not be that notable in percentage terms but analysts say it\u2019s important from a technical standpoint. One trader, in fact, commented that once Bitcoin decisively clears past $9,500, he doesn\u2019t see \u201cmuch stopping us\u201d until $10,500. Bitcoin Is Readying for More Upside\u00a0 While there remain bears, the majority of analysts believe that Bitcoin is on track to rally in the short to medium term. A top trader indicated yesterday that there&#8217;s a good chance BTC could hit $10,700 in the coming week. As to why the trader, who called Bitcoin&#8217;s 2018 bottom six months in advance, thinks this is the case, he explained: \u201cI might be wrong but something that\u2019s been bugging me is how some of the stronger altcoins like ADA\/USD ook mad bullish but ADA\/BTC looks like trash, so I kind of feel BTC is going to go on a face melting move soon.\u201d To corroborate this, the MACD, Parabolic SAR, and moving averages have all signaled that bulls have strength on a weekly timeframe. Whales seem to be preparing for more upside as well. Citing data from Glassnode, Willy Woo on May 5th noted that the population of large Bitcoin holders (1,000+ coins) has increased strongly since January\u2019s lows. This indicates these users have been in \u201csolid accumulation mode,\u201d which is a \u201cmacro bullish\u201d trend: \u201cWhale population spotted increasing in the wild. They\u2019ve been in solid accumulation mode since January unperturbed by the COVID crash. This is macro bullish,\u201d Woo said in reference to the chart below. #whalebreedingseason Whale population spotted increasing in the wild. They&#39;ve been in solid accumulation mode since January unperturbed by the COVID crash. This is macro bullish. Whales are entities holding 1000 BTC+, data by @glassnode pic.twitter.com\/6HLFapIfNe &mdash; Willy Woo (@woonomic) May 6, 2020 Related Reading: Bitcoin Whales Have Been Buying En-Masse Since Early-2020: \u201cMacro Bullish\u201d Sign There&#8217;s a Risk of a Post-Halving Crash Although Bitcoin is ripping higher, some fear that there will be a post halving crash. Speaking to Bloomberg, Christel Quek, chief commercial officer and co-founder at Bolt Global, remarked on the chance of BTC falling after the halving: &#8220;This is an unprecedented time as liquidity remains a priority for investors fleeing equity markets. Therefore, while Bitcoin should rise into $10,000s after the halving, it could be followed with a price drop as investors engage in profit taking. No level of technical support can stand when the economy is drained.\u201d Meltem Demirors, CSO of crypto research firm and investment fund CoinShares, echoed this skepticism. She proposed that we will get a classic &#8220;buy the rumor, sell the news&#8221; event, whereas prices will drop as halving subsides. This lines up with the concept of &#8220;miner capitulation,&#8221; which suggests that drops in the profitability of miners cause sell-offs in the BTC prices. An analyst explained in a Twitter thread last year that when smaller, non-industrial\u00a0mining\u00a0operations \u201cget backed into a corner,\u201d they\u2019re forced to liquidate the coins they earn via\u00a0mining. They liquidate their coins,\u00a0often all at once, to keep the lights on, cash out, or to upgrade their systems for the future: \u201cUndercapitalized miners panic sell, price dumps, longs get squeezed, stop losses cascade \u2014 then more miners lose their lunch.\u201d Featured Image from Unsplash<\/p>\n","protected":false},"author":497,"featured_media":421954,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12872,679,1144,1155],"class_list":["post-423140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12872","tag-bitcoin-price","tag-btcusd","tag-bullish"],"acf":[],"yoast_head":"\n<title>Bitcoin Just Surged to $10,000: Here&#039;s What Analysts Think Comes Next<\/title>\n<meta name=\"description\" content=\"Just hours after our last market update, Bitcoin has topped $10,000. 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