30 Percent Rally in Bitcoin Has Some Eyeing $10K
Bitcoin was sitting around the $7300 mark late Thursday up 30% in less than a one month period. This has some investors talking $10,000.
Tuesday’s 10% rally that saw bitcoin break a number of psychological and technical levels closely monitored by traders.
From Market Watch:
Although bitcoin remains more than 50% off its all-time high, the tide is turning, both in the price and in overall sentiment. “A series of higher highs and higher lows are now in place for the first time since the May highs and cryptocurrencies are beginning to respond positively to positive news,” wrote Rob Sluymer, technical strategist at Fundstrat Global Advisors, in a Wednesday research note.
The near-term target for Sluymer is the 50% retracement of the May-June correction ($7,861) with the secondary target being the May highs, just shy of $10,000. The technician said the May highs would bring “formidable resistance,” with light pullbacks likely.
Tim Enneking, founder and managing director of Crypto Asset Management believes the regulatory environment is becoming more advantageous, which is aiding in the rally.
“During the nuclear winter we saw in January and February, the biggest issues were regulatory, and what’s happened over the last two to three months is the drumbeat of negative news has changed. For every jurisdiction that’s being harsh, there’s another giving favorable signals,” said Enneking.
- Aaron Goldstein, Gambling911.com
