After flatlining spherical $9,600-9,700 for varied days, Bitcoin seen an explosive worth switch early Sunday morning.
Following a failed attempt to interrupt $9,800, BTC exploded to $9,150 on spot exchanges and $9,300 on margin exchanges, liquidating dozens of tens of thousands and thousands.
BTC worth chart from TradingView.com
Bitcoin has since confronted down a reversal as bulls didn’t deal with the stress of this surge, seemingly catalyzed by the futures market. A distinguished Wall Street analyst nonetheless stays optimistic regarding the cryptocurrency market, arguing the $10,500 resistance will rapidly be toppled.
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Bitcoin Will Soon Top $10,500: Fundstrat Analyst
Rob Sluymer, a technical strategist at Fundstrat Global Advisors, stays hopeful that Bitcoin will proceed bigger after its preliminary breakout:
“We remain positive on the overall precise structure for Bitcoin and do expect it push through $10,000-$10,500 as part of its longer term bullish technical profile.”
In a evaluation phrase shared with Bloomberg, Sluymer added that BTC breaking $10,500 will seemingly lead to an roughly 31% rally to $13,800. That space “remains a resistance band that Bitcoin will need to break above to signal its next move to resistance at $13,800.”
This comes after Sluymer wrote in a March phrase that BTC’s medium-term outlook was damaged after the capitulation crash to $3,700:
“For now, technically we will again give Bitcoin the benefit of the doubt that it is attempting to bottom but recognize Bitcoin will likely need months of consolidation to repair the technical damage now in place.”
This comment was confirmed true as BTC has been caught in a consolidation pattern for virtually three months now.
Sluymer’s co-worker, co-founder Tom Lee, is predicting a further rally inside the stock market. Considering the correlation that has formed between the S&P 500 and Bitcoin, such a rally might lead the cryptocurrency market bigger.
Bulls in Control
Other market commentators, citing technicals and on-chain metrics, agree with Sluymer’s market sentiment that BTC patrons are in administration.
As reported by NewsBTC beforehand, Blockfyre’s head of technical analysis commented that Bitcoin has merely closed above a three-year downtrend. The downtrend was formed at BTC’s all-time extreme worth of $20,000 in 2020.
“#Bitcoin just had it’s first daily close ever ABOVE the 3 year downtrend line from ATH’s when CME Futures launched. This is potentially an invalidation with a HH of any bearish case and the official start of a new macro bull trend.”
Others add that with the weekly candle and month-to-month candle shut nearing, BTC managing to maneuver above $9,800 is pivotal for the bull case.
Related Reading: On-Chain Metric Signals the BTC Market Isn’t Overheated: Why This Is Bullish
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingVIew.com Wall Street Analyst: BTC Will Soon Push Past $10,500, Then Rocket 30%