For the past three weeks, nearly every indicator on the technical chart is signaling a price breakout for Bitcoin. All of these signals are showing that Bitcoin is in the best position to break out and trade above $10,000. Back in January, price predictions were extremely bullish, after Bitcoin dipped below $3,000, skepticism filled the market.
While analysts and traders did not necessarily take a bearish stand, there was less preciseness about when or if Bitcoin could make a rally, enough to push it above $10,000. But the last three weeks have brought more certainty to the market.
There is a 90% chance that Bitcoin will be greater than $10,000 in August, says one cryptocurrency analyst. Tagged to the tweet he made on this was a price forecast where Bitcoin looks to have crossed the lowest prices to consistently trade higher for a while now. Bitcoin is heading for the 90% threshold and had only a 10% chance of trading below $10k next month.
The stability in the altcoin market as observed by other analysts is also a big signal that a price rally is around the corner. Altcoins are not expected to stop seeing gains anytime soon, In fact, many traders and analysts believe that altcoin season began this month and could continue through the month, up high until Bitcoin makes a significant price movement. The strong price rejections that have greeted Bitcoin at the $9300 and $9400 resistance levels has been one of Bitcoin’s biggest challenges.
Apparently buyers have not gathered enough momentum to hold pressure tightly at the $9,200 range, but a high volume spark could place Bitcoin well on its way to this journey. Bitcoin’s dominance rate as of last week was about 64%, at this time total market cap was $260.5 billion. While the dominance rate dropped a little to 62%, Bitcoin is still at a very promising stage.
At the time of this writing, Bitcoin’s 1-day trading chart shows that prices are retesting previous support. Prior to this, the bulls had crossed the $9200 resistance stage. Support intensified and prices jumped above $9300. At this time, every bearish move was closed with a bullish engulfing pattern. But as trading volume began to dip, the bulls met a strong price rejection at its highest trading price yesterday, pushing price all the way down to the lower ends of $9237. It’s 50/50 from here on out. But if the market continues to move sideways, Bitcoin could head back up towards recovery.
