The price of Bitcoin is on the road to $14,000 this week, after we saw some flashing signs of bourgeoning technical strength in the time following its recent dip to lows of $8,100. From this point, we can see that the cryptocurrency has been able to incur a steady climb higher that has since allowed it to once again visit the $9,000 region.
Currently, the dominant coin is approaching a key trend-defining moving average which could play a huge role in determining which direction the cryptocurrency will trend in the months ahead. According to one analyst, a firm break above this level could be all that is needed for the coin to rally up to fresh post-2017 highs of $14,000. If the climb occurs, it could mark the start of the coin’s next parabolic uptrend.
The latest cryptocurrency news show that Bitcoin is on the road to securing the $10,000 mark which is a crucial zone (also known as five-digit zone). At the time of writing, BTC is trading up by more than 6% to a current price of $9,640 as it marks a notable climb from the daily lows of just under $8,800 that were set.
The recent price action has marked an extended bout of consolidation as it hovers around the $9,000 mark. Today’s push above this level does seem to mark a bullish resolution to this sideways trading, but it is imperative that it continues climbing higher in order for this to be confirmed.
Some investors have speculated that BTC would see a post-halving selloff due to the hype that is surrounding this event. However, analysts are still bullish and think that Bitcoin is on the road to $14,000 or even higher – to potential all-time highs. Others like Josh Rager are also speculating about a potential retrace and comfort in the mid-term.
https://twitter.com/Josh_Rager/status/1260618728208809986
Anyways, the most exciting thing right now is the fact that BTC/USD can be poised to push towards $14,000. A respected analyst spoke about this level in a recent tweet, saying that a move above this level would also help BTC break above a descending trendline which has been respected throughout the time following BTC’s rejection at $13,800 from last summer.
let $btc reclaim MA50 and 14k+ is next imo pic.twitter.com/Biy36LZFXF
— ₿IRB (@crypto_birb) May 13, 2020
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