The Bitcoin (BTC) price surpassed $10,000 on Thursday, completing a V-shape recovery from its fall to $3,600 back in March. Traders believe that the rally is just beginning for the top-ranked cryptocurrency by market capitalization as a confluence of positive factors is fueling the uptrend.
Purely based on technicals, analysts anticipate the Bitcoin price to rise as high as $15,000 by the third quarter of 2020. Historically, $10,000 acted as a psychological level for BTC price. A clean breakout of such an important price level in a short period of time may lead to a renewed upsurge.
Bitcoin price completed a V-shape recovery to $10,000 as crypto traders expect it to reach $15,000 in Q3 2020.
$14,000 to $15,000 is a strong resistance range
Bitcoin breached a multi-year cycle dating back to December 2017. A further leg up towards $10,500 would confirm the start of a new cycle, possibly creating the foundation of another strong rally.
In 2019, the highest point Bitcoin rose to was $14,000 across major exchanges. In December 2017, both monthly candles also closed at the same level, indicating that $14,000 remains as a key resistance level in the medium-term.
If the Bitcoin price surpasses the $10,500 to $11,000 area or consolidates above $9,500, it would set BTC up to test $14,000. Given the tendency of BTC to overextend in the form a long wick often referred to as a blow-off top, there is a chance that it rises to as high as $15,000.
In 2019, the highest point Bitcoin rose to was $14,000 across major exchanges. In December 2017, both monthly candles also closed at the same level, indicating that $14,000 remains as a key resistance level in the medium-term.
If the Bitcoin price surpasses the $10,500 to $11,000 area or consolidates above $9,500, it would set BTC up to test $14,000. Given the tendency of BTC to overextend in the form a long wick often referred to as a blow-off top, there is a chance that it rises to as high as $15,000.
