Bitcoin Bullish Prediction Arises; Potential Sell-Off In Stocks Is A Threat
As Coindesk reports, the leading coin jumped above $10,700 this Monday, and by doing this, it confirmed an upside break of 10-day-long price consolidation.
The same online publication also notes that this breakout has exposed resistances at $11,000–$11,200, and they bring up Matthew Dibb, co-founder and COO of Stack Funds,.
He said it’s too early to call an end of the price pullback from August highs above $12,400.
“Previous sell-offs have been exacerbated by risk-off momentum in stocks, particularly the tech-heavy Nasdaq index,” Dibb told CoinDesk. “We remain cautiously bullish this week.”
Bitcoin’s price drop came together with a drop in tech stocks
It’s also important to mention the fact that the king coin’s decline from $12,000 to $10,000 seen in the first week of September was also accompanied by a 10% drop in U.S. tech stocks.
It’s been also reported that analysts at Goldman Sachs are saying that the US stock market sell-off is coming close to an end.
Another price drop could be near
The same online publication also brings up Joel Kruger, a strategist at LMAX Exchange.
He said that the stocks would not rally too easily and this will leave the door open for another BTC price pullback somewhere to the $6,000-$8,000 range.
“Bitcoin needs to clear the 2019 high of $13,800 to force me to rethink my bearish bias,” Kruger told CoinDesk.
Stack’s Dibb keeps an eye on the action in the foreign exchange markets.
“We are paying close attention to the USD trade flow and any further rotation to reserve currencies [like the U.S. dollar] that may signal macro hedging,” he said.
We recommend that you check out the complete original analysis posted by Coindesk in order to learn all the available details.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.