Bitcoin Analysts Still High On Hopium
To say that Bitcoin (BTC) has been doing well over the past week would be a dramatic understatement. In the past week, BTC has rallied by over $1,500, effectively clearly boosting itself out of a bear market. While the bullish momentum has slowed for the time being, with the cryptocurrency sitting at $7,800 after touching $8,150 on Monday, many analysts are still extremely optimistic.
In a recent tweet, popular trader Moon Overlord suggested that contrary to popular belief, Bitcoin is still trading in a parabolic pattern. If the trend holds, Overlord suggests that if BTC passes $8,200, it could quickly gap to $9,818, but may stop there as a result of historical resistance. The analyst, however, notes that this move is “complete insanity,” hinting that this move may be reaching the point where it could be deemed somewhat inorganic.
Overlord isn’t the first to have postulated that $10,000 is entirely possible in this ongoing move. In a recent tweet, Josh Olszewicz of Brave New Coin suggested that Bitcoin’s one-week chart Ichimoku Cloud, a series of indicators meant to show support, resistance, trends, and momentum, is currently showing that the asset is in clearly bullish territory. He notes if BTC manages to break above the “Kijun” line of the cloud, BTC could move to $10,000.
As Tom Lee of Fundstrat postulates, BTC moving above $10,000 would cause FOMO, potentially on a global scale. He explained in a recent tweet, “My SWAG is $10,000 is price that causes FOMO from those who saw bitcoin as dead forever.”
There is room to rally, believe it or not. As Mati Greenspan, eToro’s senior markets analyst, astutely points out, BTC remains under a key level of resistance. In a recent segment with CoinTelegraph, the crypto-centric trader remarked that Bitcoin is still under the 0.382 Fibonacci Retracement level of $20,000’s peak. As it stands, this key technical level sits at $9,400, meaning that BTC could head there before encountering more resistance.