With Bitcoin kicking off the week with yet another positive spike in its price, bigger and bolder predictions are being made about its potential next target. Naeem Aslam of ThinkMarkets has been so bold as to predict that its price could reach $10,000 by this week,
The chief analyst put out an enticing warning to investors who may not be used to the full potential of Bitcoin’s volatility. Previously to this rally, it took Bitcoin mere days to go from $10,000 to $20,000, and so it could be that this next resistance level might trigger a big bull run.
Ready or not
Aslam outlined, in an email to his subscribers, that Bitcoin looks likely to break through to $10,000 as early as this week having nearly crossed over the $9,000 mark at the beginning of this week.
If you are not ready then get ready, because the Bitcoin price is about the blast past the level of $10K, recovering half of its losses from it’s all time high, a real embarrassing moment for those who said that the currency will never recover from its losses,” explained Aslam.
“It is the best performing asset of 2019 and the YTD gains are standing at 140 percent and it has gone up by 70 percent only during the month of May. This is what Bitcoin is all about, never doubt the resilience of the currency and the support it has among the community.”
Part of Aslam’s analysis has to do with how Bitcoin has been performing of late. He has broken down its year to date gains, which are impressive as it came out of a bleak bearish market, but even its moving averages are impressive.
“Technically speaking, I think Bitcoin price is likely to blast through level of 10K this week or by next week, if the momentum continues at this pace. The price is trading well above the important moving averages, 50, 100 and 200-day simple moving averages and the most important among all of them is the 242-day moving average,” he added.
“Check the resilience of this moving average on a daily time frame and everything will become crystal clear. I strongly think that as long the price stays above this moving average, this bull run would continue.”
Where to next?
While the cryptocurrency spring is in full swing it would be hard to say that Bitcoin is in a full bull run as seen before in December of 2017. That being said, Alsam’s positivity abounds as he is already predicting where the next levels of resistance may come from for the major cryptocurrency.
“The next important price levels are: the resistance of 10K followed by 15K level. It is highly likely that the price may break through the 10K mark and reach $12K or $13K and then start to retrace back to its support of $8K, before the momentum tries again to reach the level of 15K again,” he concluded.