Historical Precedent Suggests Bitcoin May Surge Higher By Another 100%
The price of BTC hovered below the major hurdle that was previously at $10k and the buyers acted thereby propelling the crypto above the level. It surged further such that the price moved into the $10.1k zone.
This rally represents a huge extension in Bitcoin’s momentum so far this year. Such an uptrend has led to the formation of an amazingly buying market structure.
Currently, analysts believe that BTC is at a point where it could see remarkably further upside. This is because historically, when BTC moves over $10k, its price surges further to the upside by between 14 and 100 percent.
At press time, its price was on the upside by 2 percent at just more than $10.1k, representing a remarkable upsurge from daily lows of $9.7k established yesterday.
A critical noteworthy point is that the bulls were able to absorb the huge bearish pressure put forward by the sellers during this selloff and it shows that the price action was bullish.
Here is a factor to consider in the near-term: the rallies of BTC in history go above $10k level. Whenever it surges above the level, it extends the upsides to as high as by 100 percent.
According to a renowned crypto analyst, Hsaka, a chart revealed within the previous few years, when Bitcoin surges over $10k, there were additional rallies of 99, 14, and 26 percent respectively.
$BTC breaks $10,000.
Prior instances of breaking it after a substantial retrace. pic.twitter.com/M3vloBouYj
— Hsaka (@HsakaTrades) February 9, 2020
Bitcoin may likewise continue to the upside in the near-term due to another factor: it is close to posting an intensely bullish weekly close, but the bulls need to hold the cryptocurrency over $9,556 before it closes tomorrow.
The criticality of this level was noted by a renowned crypto analyst, Josh Rager, in a recent tweet. According to him, BTC will remain bullish even if it incurs a little downside movement from its levels right now.
Regardless if $BTC experiences a pullback after hitting $10k
A weekly close above $9556 would be absolutely bullish pic.twitter.com/dK5fc9v6aP
— Josh Rager 📈 (@Josh_Rager) February 9, 2020
It is certain that the latest surge over $10k level will usher in certain massive volatility in the near-term, based on history and the market structure of the cryptocurrency at the moment. This suggests an overwhelming volatility in favor of Bitcoin bulls.