According to trader Josh Rager, things will become 'extra bullish' for the price of Bitcoin (BTC) if it manages to print a monthly candle above the $9,250 level.
If that's the case, Rager predicts that BTC could easily surge to $10,000 and re-test the point of control (the most traded price) of the time period from June to September.
Bitcoin is out of the bear woods (finally)
Meanwhile, eagle-eyed economist Raoul Pal has noticed that Bitcoin was breaking out of an inverse head-and-shoulder pattern. The fact that this formation has a weak right shoulder means that it could get even more powerful, thus emboldening the bulls.
The right shoulder is formed when buyers persistently push the price higher. If the price surges above the resistance line, this pattern eventually gets invalidated.
To top that off, BTC has already broken out of the enormous falling wedge formation that has been keeping the bulls in check for the last seven months, which indicates that they are now in full control of the market.
CZ urges you to unfollow the bears
Since the Bitcoin (BTC) price has once again managed to surge above $9,000, Changpeng Zhao, the CEO of Binance, said that is was time to unfollow bearish accounts that predicted BTC dropping to $5,000 (and ended up being terrible wrong).
Now is the time to unfollow people who predicted btc to 5000 in the last couple months, and btc to 1000 a year ago.— CZ Binance (@cz_binance) January 28, 2020
Removing bad influences in life is essential for success! https://t.co/bpYD13i1rR
When CZ tweeted that 'slapping' was about to commence, Bitcoin's run-up to $9,000 ended up being a flash in the pan.
He also predicted that Bitcoin could go to $16,000 soon-ish back in November before Bitcoin tanked all the way to $6,400 by the end of the year.