History Suggests That BTC Value Could Be set for 100% Increase
BTC price drifted around its previous major barrier at $10k. Consequently, it drew the buyers’ reaction pushing the crypto’s price above the level. Further surges saw it settle around the $10.1k zone.
The rally constitutes a huge increase in Bitcoin’s impetus so far this year. This upswing has enthused the market.
Analysts maintain that BTC is currently at a point where it could register tremendous gain. Additionally, history suggests that BTCs price surges by between 14 and 100 percent when it moves over $ 10k.
By the time of going to press, the price had appreciated by 2 percent to settle at slightly over $10.1K. The change represented an amazing rise from lows of $9.7k recorded the previous day.
Soaking the Pressure
It is important to note that the bulls were able to soak in the bearish pressure emanating from the sellers’ actions. This action supports suggestions that the price was bullish.
Another factor to consider is that short-term BTC rallies have historically surpassed the $10k mark. Again, when the crypto surges above that level it causes ascents of up to 100 percent.
Hsaka, a reputable crypto analyst, pointed to the fact that Bitcoin’s surges above the $10k level triggered 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
BTC to Maintain Bullish Run?
Bitcoin could keep its positive trajectory in the short term because it is heading towards a fiercely bullish weekly close. That said, the bulls need to maintain the cryptocurrency above the $9,556 level before tomorrow’s close.
In a recent tweet Josh Rager, a renowned crypto analyst, emphasized the significance of the above-mentioned level. He holds that Bitcoin will sustain the bullish run even if it experiences a little downside from the levels currently recorded.
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
Based on historical accounts and the current market structure, it is evident that Bitcoin’s latest surge will in the short term result in massive volatility. The Bitcoin bulls are in for favorable times.