Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?

The market chop yesterday had many buyers lined up and ready to buy the most dominant cryptocurrency at the yesterday low of $9,750 and in similar ranges. However, the latest cryptocurrency news show that Bitcoin surged once again to $10,000 and no one knows what’s next for the biggest crypto out there.

From its low, Bitcoin managed to recover and retake the $10k level quickly. As such, it remained there for the best part of the day, posting intraday peaks of $10,250 a couple of hours ago during the early trading on Friday. Now it appears that BTC is settling at this level and that the choppy consolidation is still here.

Unlike the many buyers lined up for BTC yesterday, there are still buyers but not in that amount. No one knows if Bitcoin will stay here for long – and the altcoin news show that altcoins are for now following this trend. According to analysts, there could be an ascending triangle forming in the hourly time frame, leading to new gains.

“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle,” said the user D4rkEnergY on Twitter.

https://twitter.com/D4rkEnergYYY/status/1164769200902033408

For now, the highs are creeping up and there are many buyers lined up – so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks.

Analysts in the coming altcoin news warn users that nobody should panic now – even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200).

The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:

“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”

Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month's ago. Everytime there's a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose.

Relax!

— John McAfee (@officialmcafee) August 22, 2019