The Bitcoin course has shown its otherwise very atypical relaxed side in the last 2.5 months. After the course recovered from the Corona crash in mid-March, after the halving on May 11th there was not much dynamic. In the last few weeks since mid-June, the BTC price has only ranged between USD 9,000 and USD 9,600, thus showing very low volatility that has not been seen since November 2018.
But yesterday’s turn came: the magic limit to a five-digit Bitcoin course of USD 10,000 was finally broken again. This movement was preceded by a pump by several percent within a few minutes. How do you summarize the latest development on the market and the short-term outlook in this article so that you are up to date. Have lots of fun with it!
Bitcoin course fireworks on Sunday
The Bitcoin rate seems to have finally left its weeks of consolidation behind yesterday and has regained its known volatility. The reason for this is the short-term breaking of the magic five-digit limit at $ 10,000, which has often served as resistance in the past and is psychologically important.
The Bitcoin price pumped from under $ 9,800 to over $ 10,150 in less than 20 minutes. The bad news is that this movement of over 3.5% within a few minutes was unfortunately not very sustainable, as is so often the case with pumps. A short time later, the BTC price slipped below the five-digit limit again, but at around USD 9,940 it was still a good deal higher than before the pump at the time of writing and continues to scratch at USD 10,000.
The entire $ 10,000 move was not entirely unexpected. Since testing the resistance at $ 9,000 on July 16, the Bitcoin price has been in a steady upward trend with higher lows set every few days. On July 21st and 22nd there were already smaller pumps.
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Beginning of the bull run or short-term correction?
The question of all questions is now whether the Bitcoin course can keep this multi-day upward trend or even continue. Due to the halving in May and the macroeconomic developments in the course of the corona crisis, many BTC fans have been waiting for a bullrun. The hope, of course, is great that the wait will end. Unfortunately, not all experts agree that from now on the Bitcoin course will mainly go uphill.
In a new Twitter thread, crypto strategist “Dave the Wave” tells his 33,000 followers that he believes the Bitcoin course will eventually break out of its current reach and start a new bullrun, but he expects that BTC will go through a significant correction first.
Based on the pseudonymous trader’s chart, the Bitcoin price can drop to $ 6,900 before BTC recovers and breaks the diagonal resistance of the multi-year triangle. He says his short-term bearish view will be weakened if the bulls get the cryptocurrency over $ 10,600.
A chance to get started?
It remains to be seen whether Dave The Wave will be right with his forecast that there will be a short-term correction in the Bitcoin course. Nevertheless, the long-term assessment of the trader remains very optimistic. In a few other posts, Dave the Wave predicted a BTC price of $ 100,000 by the end of 2022.
If you believe this very bullish long-term assessment (with which Dave the Wave is not alone) or if you see more potential in the short term after breaking through the $ 10,000 in the Bitcoin course and have done your own extensive research, make sure to choose the right exchange or the right broker. Your money and coins are only as secure as the partner you trust. Based on our own tests, we can recommend eToro as a point of contact because of the ease of use. In addition, you can bet not only on rising but also on falling prices and thus benefit from any market situation. Before we promise you too much, click on the button and simply convince yourself!
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The statements in this article do not constitute trading recommendations or investment advice.