Let us check out the Bitcoin (BTC). In the first week of October, Bitcoin slumped to $10,500. It has recovered above $11,000. Traders forecast what will happen next for BTC.
During the past week, the price of BTC has seen a recovery. Since Oct. 2, it surged by nearly 6.5%. Traders pleasantly surprised with the resilience of the dominant cryptocurrency. It is because many analysts anticipated a larger pullback. The sentiment turns optimistic after Bitcoin’s rebound above the critical $10,500 support level to just over $11,000. Thus, the sentiment turns optimistic.
Traders believe that $10,500, in the near term, remains the most critical level for Bitcoin for various reasons.
It represents a historically significant support level in both the previous price cycles and the ongoing cycle.
The $10,500 level served as a massive resistance area in the past. Thus, it is considered as a healthy support level. Bitcoin saw brutal rejection and, at some point, picked at $10,500, throughout 2019.
Bitcoin
Also, bubbles and whale clusters show the defending $10,500 is vital for Bitcoin. It is to retain its momentum. Researchers at Whalemap tracked whale clusters. Those whale clusters form when whales buy BTC at a certain level. Whale clusters have emerged recently in the $10,407 to $10,570 range. Thus, it means whales will most probably accumulate. Whales are trading with a longer time frame. Therefore, there is a high probability that the $10,570 will remain a healthy support level.
The main hurdle before Bitcoin is a prolonged rally. Thus, traders forecast $13,000 in the medium term. ‘Salsa Tekila’ is the pseudonymous trader. According to him/her, previous macro price trends indicate thirteen-thousand dollars is the roadblock to an all-time high. If Bitcoin stabilizes and consolidates above key support levels, a rally to a new record-high will occur in the longer term.
That is the situation of Bitcoin. Let us wait and see what will happen in the future.
