After a massive price boost last week, price indicators show that Bitcoin could finally be in for a bull run. That’s great news for investors and traders who have been hoping on a bull run since August. After that last run, the leading cryptocurrency in the world suffered a massive price decline that went on for months. Bitcoin rarely caught a break until early January when it saw a price bump that took it over the $7K support.
The leading cryptocurrency has been on a tear since with its price moving forward at a blistering pace. Although it’s still a far cry from the 2017 rally, it’s a good sign that Bitcoin’s price could finally be out of the woods. The latest price jump signifies a potential bull run that could see the cryptocurrency shoot at $10K and beyond.
First Bullish Turn Since August
Bitcoin’s case for a $10K rally looks a step closer to reality after the recent MACD histogram showed a possible bullish run. Experts are adamant that it will turn to reality which will be the first bull run since August 2019. Currently priced at just over $8,700, Bitcoin could shoot over $9K soon with nearly all technical indicators supporting an upward trend.
The bearish-to-bullish trend change is positive news for the whole crypto community which has been in a depressed state for the last 6 months. With no good news on the horizon for a long time, everyone’s happy to see Bitcoin on a positive run. Everything started a few weeks ago when the price jumped over $7K and rose up to $9.2K.
Bitcoin’s price has consolidated since then, but traders are prepared for another shot at the same price and hopeful that this time the leading crypto asset goes over it. If it does, many expect it to challenge the $10K level and after that, who knows what can happen.
According to experts, it would be much better for Bitcoin for the price to push past the $9K mark and hold for at least 4 hours rather than a high-volume spike that could see it fall back down. A daily high of $9,200 would restore Bitcoin’s lost momentum and give traders a much-deserved sigh of relief. Things are currently looking up and we couldn’t be happier about it.
A Bullish Scenario in the Making?
Of course, we can’t be sure that such a thing would happen. For a bullish scenario to materialize, the price would have to reach at least a stable $9.6K before testing the $10K level. The crypto asset would likely face strong resistance just below that mark – if traders seek profits, it might result in a pullback. Still, the current trend change is pretty strong with everyone expecting a serious bull run.
Major experts suggest that we should all forget about the halving as Bitcoin’s messiah and put our money on the upcoming soft-fork. The soft-fork is called one of the most innovative Bitcoin additions in years and is expected to have a massive impact on the price, hopefully in a positive way.