Bitcoin (BTC) Bulls Remain in Control Despite Price Correction to $9,700: Jim Wyckoff

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Mon, 02/10/2020 - 16:03
Alex Dovbnya
Prominent market analyst Jim Wyckoff hasn't turned bearish on Bitcoin (BTC) in spite of a painful dip below $9,700
Cover image via 123rf.com
Contents

Kitco's chief market analyst Jim Wyckoff remains bullish on Bitcoin (BTC) despite a four percent price drop that pushed the coin's price back in the four-digital reality. 

In his new market update, Wyckoff writes that traders should expect more upside price action in the short-term. 

"Bulls remain in firm near-term technical control and are enjoying a price uptrend in place on the daily chart, to still suggest more upside price action in the near term."
image by kitco.com

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A sentiment-shifting dip  

As reported by U.Today, BTC slipped to an intraday low of $9,697 on the Gemini exchange shortly after recording its first weekly close above $10,000 since September 2019. 

This was a slap in the face for all bulls who prematurely tweeted about Bitcoin never trading below the aforementioned level again. In just 24 hours, BTC ironically ended up in the high-$9,000s. 

It took one dip and one looming bearish engulfing candle on the daily chart for crypto Twitter turn bearish.

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Bitcoin Price May Slump to $9,300 but Trend Remains Bullish

Even more bullish? 

However, some level-headed traders perceive this move as the start of another consolidation phase within this uptrend. 

Popular crypto analyst Satoshi Flipper even predicted that the price of Bitcoin could skyrocket up to $10,900 before eyeing after successfully bouncing off the $9,800 support. 

image by @SatoshiFlipper

BTC is currently sitting at $9,888 on the Bitstamp exchange.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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