Bitcoin (BTC) Price Heading for $10,000 as Main Uptrend Shows Strong Response

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Tue, 05/12/2020 - 11:37
Yuri Molchan
Now that the Bitcoin block reward cut has been implemented, a top trader and the head of the Hedgeye investment fund both believe the Bitcoin trend remains bullish
Cover image via stock.adobe.com
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On Monday, a major technical Bitcoin event took place which cut the Bitcoin miners’ reward per every new block down from 12.5 BTC to 6.25 BTC.

Despite the overall bullish long-term sentiment after the ‘quantitative hardening’ of Bitcoin, the price of the major cryptocurrency remains at $8,762.

Some are even expecting a short term correction, but the CEO of Hedgeye Risk Management LLC, Keith McCullough, insists that Bitcoin charts are still showing bullish signals.

Is Bitcoin targeting $10,000 zone?

Crypto analysts are expecting Bitcoin to recover and break the $10,000 area. Some, however, believe that a major correction may soon occur as well.

Prominent analyst ‘Crypto Rand’ has shown his 217,100 followers a chart, on which he has marked a target for BTC in the $10,000 area. He tweets that Bitcoin’s main uptrend support is still strong.

The trader known as ‘Galaxy’ is also bullish and states that right now there are seven green candles in a row on a chart with a ‘Doji’ candle. The last time the same pattern emerged, he says, Bitcoin showed a rise of 160 percent.

BTC could experience a major increase, he expects.

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‘Bitcoin signals are still bullish’: Hedgeye CEO

The Hedgeye chief, Keith McCullough, who believes Bitcoin to be a tradable commodity only, has shared his bullish sentiment on Bitcoin.

Despite the recent large correction, he states that the BTC chart is still bullish.

'A brief spike before dump possible'

‘CryptoPatel’, from TradingView, expects Bitcoin to show a short-term price surge to $9,371 before the price rolls back to $8,350 or even lower – to the $7,481 level.

Image via TradingView

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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