The $10K Target
$10,000 for a single bitcoin is so close; people can taste it. However, according to the weighted global average on exchanges like Bitstamp, GDAX, Bitfinex, and others the price is not quite there just yet. Bitcoin volume is extremely high as the past 24-hours has seen over $5.9Bn worth of global bitcoin trades. As usual, Japan is leading the pack, as the country’s currency, the yen, is dominating by 63 percent at press time. Behind the yen is the U.S. dollar, the South Korean won, the Euro, and Tether. The controversial Tether currency, which is allegedly backed by USD has increased its exposure quite a bit. Tether has been the fifth highest traded currency paired with bitcoin for the past two weeks. Today’s top five exchanges include Bithumb, Bitfinex, Hitbtc, GDAX, and Bitflyer.
News.Bitcoin.com also spoke with, Charles Hayter, CEO of the cryptocurrency data and analysis website Cryptocompare, who explains $10K per BTC is a seminal moment for bitcoin and cryptocurrencies in general.
“Typically Bitcoin struggles to overtake significant round numbers as we have seen at $3,000, $5,000 and $7,500. $10,000 is likely to be the same, however, the CME futures, as well as prospects of ETF’s, will no doubt continue to stimulate demand for Bitcoin,” Hayter tells news.Bitcoin.com.
$10,000 represents the closing of the second cycle in Bitcoin which has drawn the interest of institutional investors who have so far been constrained from trading by their remits. This is starting to change as more sophisticated and regulated instruments are made available. This will lead to Bitcoin’s third cycle
Looking at the daily and weekly charts show buyers are commanding markets right now and will likely continue in the short term. Right now, the gap between the two Simple Moving Averages is quite wide with the 100 SMA far above the long-term 200 trend line. The signals indicate the probability for the path to the upside will continue to be greater than a correction for now. However Stochastic and RSI levels have been heading south for quite some time, which shows oversold markets and bullish exhaustion may set in. Order books show some bearish sentiment could drop the price to strong foundations between the $9,400-9,600 zones. Further panic selling could bring the price below $9K if the Displaced Moving Average breaks the key territory at $9,150. A continued bull market could bring the price above the $10,000 target this week at any hour at the current vantage point, but at the moment, buyers are struggling to exceed this region.
At the moment bitcoin is averaging around $9850-9,920 per BTC at 2:30 pm EDT.
Cryptocurrency Markets In General
Overall cryptocurrency markets are doing quite well. As we reported the other day the entire economy now commands a $300Bn market capitalization. Today $10bn more was added to that number, as multiple digital assets are seeing new highs and price spikes. Right now ethereum (ETH) markets are down 0.69 percent at $473 per ETH. Bitcoin cash (BCH) is down 5 percent, touching a 24-hour low at $1560 per BCH. Ripple (XRP) markets are up a lot, seeing an 11 percent increase as one XRP is averaging around 28 cents. Lastly, the newcomer to the number 5 market cap position, bitcoin gold (BTG), is down 8 percent as one BTG is worth roughly $330.
Ripple XRP is doing very well today.
Cryptocurrency enthusiasts are thrilled with the rallies taking place on digital asset markets worldwide. Across social media, as well as forum’s proponents, are sharing price ticker screenshots and pictures of their favorite crypto-centric memes. Bitcoin also traded above $10,500 last night on the two Korean exchanges Bithumb and Coinone. Most bitcoiners believe $10,000 per BTC across all trading platforms seems inevitable, and many think it is just the beginning for this nascent currency.
Bear Scenario: The price could correct at any moment at bitcoin’s current price point. The bullish run was extremely fast as the currency has spiked over $1,800 in the past three days. Right now we could see prices land at $9,400-9,600, and even drop below $9K, if people have weak hands causing a more significant sell-off.
Bull Scenario: Right now buyers are trying very hard to break the $10K barrier, but have been unsuccessful so far across many exchanges. However, bulls are still charging, and by the looks of it $10,000 dollar bitcoins are still attainable. Using the Fibonacci retracement tool shows after breaking $10K markets, we could easily see $10,500 and $11,000 prices very quickly. This is unless, of course, sellers move their positions to higher selling levels in time.