Home Bitcoin BTC at $9,036 representing over 3% increase in the past 24 hours

BTC at $9,036 representing over 3% increase in the past 24 hours

Ahead of Bitcoin halving event to hold in May, BTC has continued to rise in 2020. The most recent surge Bitcoin experienced was rising as high as $9,188 USD in the early trading hours on Sunday.

The leading crypto asset tapped $9,120, surging higher as the weekly candle’s close approaches, boding well for bulls.

Owing to BTC’s continued rise, its new value has put the crypto community on alert of a possible rise to $10,000 in the near term.

Currently, Bitcoin is changed at $9,036 on the dollar, this represents over 3% increase in the past 24 hours. This $9000 rise began since Tuesday when the price crossed above the rising wedge channel resistance at $8,161 USD as bulls took over a rather stagnant market.

Analysts expect continued Bitcoin rise

Despite BTC’s surge overtime, crypto analysts expect that the digital asset continues to go higher. 

Noting that $9,080 is a critical level from a high time frame perspective for Bitcoin, CryptoDude believes that if Bitcoin manages to hold above key resistance every week when the candle closes on Sunday night, it will indicate that there is a macro reversal on the horizon, one that will bring BTC back to the $14,000 high seen last year and potentially beyond.

CryptoBird, a trader believes that on a shorter time frame, this latest surge has allowed Bitcoin to break above a flat channel that BTC has traded in for nearly a week now, which has a low of $8,555 and a high of $9,000. He expects a breakout of the channel to bring Bitcoin 4% higher from where it is now to $9,400.

Another analyst, trader Filb Filb noted that he expects for BTC to soon make a raid on the previous resistance level of $9,555, noting that this is where the price of the cryptocurrency topped in October and early-November

BTC to surge $14,000 USD before halving

Indications from weekly chats show that Bitcoin price seems to have set the bottom back in November and December when the bears tested the $6,500 USD support level.

After then, Bitcoin traded in a sideways movement for a while before breaking out to $8,300 USD resistance level in the first week of January. 

If bulls are able to keep price above the weekly rising channel resistance, a push past the psychological level at $10 K is achievable in a week. A breach above $10 K before the halving will set up the coin towards a target of 2019 highs of $14,000 USD and possibly ATH at $20,000 USD after halving.

Muhaimin Olowoporoku
Muhaimin is a journalist and a crypto enthusiast. He believes in the Africa project and sees blockchain technology as a possible solution alongside developmental journalism


Please enter your comment!
Please enter your name here

Must Read

Irish drug dealer loses $57M bitcoin fortune after losing access codes

Irish Bitcoin drug dealer Clifton Collins, who has forfeited digital assets worth $57 million, has continued his trial...

Federal Reserve should produce a digital dollar, Giancarlo says

Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) has said that the Federal Reserve should generate digital currency.

Coinbase suspends EOS activities due to degraded performance

Owing to Coinbase degraded performance experienced with EOS, the digital currency exchange firm announced via Twitter on Saturday that...

Crypto businesses in New Jersey to start collecting licenses

To ensure customers from the threats digital assets present to their investment, a New Jersey legislator has initiated a bill to organize...

Binance cloud launches to improve local exchanges operation

Binance trading platform, a digital medium where cryptos could be traded reportedly would be launched soon by the...