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Bitcoin Price Needs to Close Above $10,600 to Confirm Bull Move: Analyst Bob Loukas

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Wed, 06/10/2020 - 09:49
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Yuri Molchan
Bitcoin Live chief strategist and analyst Bob Loukas has shared his bullish call, saying that Bitcoin needs to break above $10,600 immediately to confirm a bull move
Bitcoin Price Needs to Close Above $10,600 to Confirm Bull Move: Analyst Bob Loukas
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The Bitcoin Live chief strategist and founder of The Financial Tap Bob Loukas believes that things are looking very good for Bitcoin in the intermediate term.

However, he admits that the price may soon plunge to $8,800-$7,800.

Closing above $10,600 would confirm the bull move

Bob Loukas took to Twitter to share his bullish take on Bitcoin price prospects. As per him, Bitcoin looks ‘super bullish’ in the mid-term as the four-year cycle is about to commence.

The analyst says this trend could last for a year to 1.5 years.

He warns, though, that before this happens, Bitcoin may show a decline to the $8,800-$7,800 area next month – on the chart he posted this would be the Cycle Low in July.

However, Loukas states that there is another option – if Bitcoin closed above the $10,600 level, he would consider the BTC bull move confirmed.

BTC
Image via @BobLoukas

Retail investors longing BTC vs institutions shorting it

The Blockware Solutions CEO, Matt D'Souza, also tweeted that Bitcoin sentiment, from his point of view, has been very bullish. According to him, the price is going to break higher. Assumingly, he meant leaving behind the $10,000 resistance.

However, he also says that a brief rebound may occur in order to shakeout non-believers and weak hands.

D'Souza tweeted that if the decline happens, he will buy the dip.

The entrepreneur posted his forecast in response to a tweet, saying that as per the recent CME report, institutional investors tend to short BTC and retail ones are more inclined to long it.

BTC
Image via @mjdsouza2

card

‘Oct 2020 new ATH.  2024 288k.’

Morgan Creek Digital co-founder Jason Williams has voiced his bullish mid and long term expectations of the Bitcoin price.

According to a tweet, Williams expects Bitcoin to hit a new all-time high this October and then reach the ambitious price mark of $288,000 in four years.

He did not provide any charts or factors for his forecast, though. Quite possibly he was just trolling those eager to lay their hands on a Lambo as soon as possible.

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.