Bitcoin Is Reportedly Targeting $14,000, But Faces Monstrous Resistance
At the moment of writing this article, Bitcoin is trading in the red, and it seems that the king coin is in the middle of a downward trend.
Analysts were expecting to see the king coin hitting $10k the other day, but it seems that BTC is not ready for that crucial level just yet.
We’re just ahead of the halving, which is supposed to take place about two days from now.
At the moment, BTC is trading at $9,710.11.
Bitcoin is on its way to $14k
There’s a popular crypto analyst who said that Bitcoin is definitely on the way to 14k and the only question is how long will this take.
The strategist is known as Credible Crypto, and he told his followers that BTC needs to push over the monster resistance line of $10,500 in order to clear the way for the massive move to the upside.
He said that if BTC cannot make this happen soon, we might just see another move to the downside.
With Step 1 and Step 2 completed, the last barrier between us and my 14k target is this 9.7k-10.5k region. If we break it now, 14k+ will likely come soon after. If we reject it, we will get one last dip before breaking it. Either way, 14k+ is coming imo. $BTC https://t.co/MF1YmZZMnI pic.twitter.com/FjFjPSJJFC
— Credible Crypto (@CredibleCrypto) May 7, 2020
Josh Rager talks about the psychological $10k level
After BTC manages to hit the psychological level of $10,000, analyst Josh Rager said that the king coin should be able to remain above $9,500 in order to hold on to the momentum.
Not worried about pullbacks yet at this time, heck of a daily close
If price can hold above $9150, not really worried about dips, preferably above $9500s but always ready for a scam wick
Bitcoin eventually has to correct hard, but it still looks strong pic.twitter.com/spAFXUnZy7
— Josh Rager 📈 (@Josh_Rager) May 8, 2020
Rager also made sure to warn traders and said that they should also be ready to see BTC suffering a significant correction after its extremely rapid rise from below $4,000 – the level it reached back on March 12.
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.