After a brief correction under $ 9,800, the price of Bitcoin is rising again. The cryptocurrency is approaching $ 10,400, with all signs pointing to higher earnings in the coming days.
After this second increase over $ 10,000 in two days, analysts no longer debate whether Bitcoin is recovering or not. Discussions have now moved to how high the price can go before reaching a ceiling.
Bitcoin has now surpassed its recent high of $ 10,180 as of February 9, setting the record value for 2020 at $ 10,350.
Bitcoin has now exceeded the maximum value – What is preparing in the short term?
Jon Pearlstone – the publisher of the Crypto Patterns newsletter, believes that Bitcoin is going through a testing period. The market makes sure that the value of $ 10,000 is indeed a sustainable position:
“The study of the daily chart from the latest lows of December 2019 shows a continuous pattern of growth in stages. This evolution is manifested in the range of $ 9,500 and $ 10,500. There are signs of optimism, but for now we are testing this key price range that has been reached several times in the last 18 months. Our analysis indicates that this is a sign of a growing trading market. In the medium term, this is more important than the $ 10,000 psychological threshold. ”
Volatility based on rising interest
Analysts have highlighted two important issues – a noticeable increase in media attention to Bitcoin, as well as in Google searches. This indicates that investors expect prices to rise further.
However, in the short term a volatile evolution is expected, with sharp increases and decreases in the range of $ 9,500 and $ 10,500.
Also, attention continues to focus on the future half of the block reward. Most analysts now look at it as a sign of an imminent bull market.
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