After receiving positive news last week, Bitcoin traders and owners have even more reasons to be happy. Experts were adamant that the latest price jump is the result of an impending bull run and as things stand now, they may have been right. After initially testing the $9.5K mark last week, Bitcoin’s price has managed to break through and currently goes just below $9.4K. Experts are now optimistic that $9.5K is set to follow with a real shot at the $10K mark as early as next week.
The bull run is reminiscent of Bitcoin’s golden days and if some people are to be believed, 2020 is going to be a real breakout year for the world’s leading cryptocurrency.
Welcome Back, Bulls
It’s time for Bitcoin to shine again. After hitting $8,200 last week, Bitcoin’s price has finally surged upward hitting $9,400. There’s real optimism that $9,500 is set to follow shortly and after that, the world’s biggest cryptocurrency by market volume will undoubtedly aim for $10,000.
The 200-day simple moving average has now been surpassed. Analysts see it as a positive sign for Bitcoin’s long-term directionality – in short, it is great news for bulls. Experts such as Raoul Pal stated that Bitcoin has now broken the bid wedge pattern and is most likely heading in the right direction.
Our hourly charts indicate that the latest move was likely triggered by a high volume spike. The 3.4% move triggered a block of sell orders from traders that believe resistance is coming in hot at $9.5K.
Since the start of the rally in late December, Bitcoin has been flipping resistance to new levels of support. After $8,600 was flipped, $9,200 was the new level of support with $9,400 set as next in line. This will allow Bitcoin to test the $9,600 waters and aim even higher. Although it’s too early to tell, a shot at $10,000 is very possible and experts back this view. All indicators point that the massive price decline trend is officially over which may make 2020 the year of Bitcoin.
Still a Long Way to Go
While the bull run is definitely optimistic, many things need to happen before Bitcoin is finally out of the woods. First and foremost, it needs to close a weekly candle around $9,600 to set a new high in the current market trend. At this point, the bearish era will finally come to an end which is good news for all Bitcoin traders.
After months of instability and being constantly locked in a price decline, the future (once again) seems bright for Bitcoin owners. Doubters will have to eat their own words now. Before the end of 2019, many didn’t believe Bitcoin could recover and revert back to bulls. It did that at the beginning of this year and as things stand now, a long-term bull run is set to commence.
Although it’s too early to make predictions, 2020 is already shaping up to be a great year for Bitcoin.