Bitcoin Moves Echo The 2017 Bull Run – Buyers Entered At $10k
It’s been just revealed that Bitcoin is repeating the bull run moves that sent the king coin at $20k, according to the latest data.
It seems that $10k has been an entry point for lots of investors.
Cointelegraph notes that analyst filbfilb highlights some pretty clear similarities between the past few weeks for BTC and the run to an all-time high in 2017.
— f i l ₿ f i l ₿ (@filbfilb) August 13, 2020
At the moment of writing this article, BTC is trading in the green and the coin is priced at $11,911.03.
Someone commented: “What it means?” and a follower answered: “Means it’s about to go to the moon. It’s just a copy and paste of the last bull run. Following the same path for the most part.”
In the comments, filbfilb said that 2020 was giving signs of being different to bullish phases that had come since.
It’s also worth noting that Cointelegraph analyst Michaël van de Poppe was explaining that a failure to retain $11,200 would result in a correction towards $10,000.
“$11,200 is the support area. If that’s lost, we’ll see more ranging and look for $10,500-10,700 first,” he said.
Definitive support for BTC and $10k
The same online publication mentioned above notes that the crypto exchange OKEx said its technical investigations revealed definitive support for Bitcoin at $10,000.
“In light of these insights, it would appear that the March 2020 crash saw weak hands pushed out of the market, allowing it to gradually recover and reclaim $10,000 — which put most open positions today in the green,” researchers concluded.
“Moreover, the position buildup leading up to current levels (between $10K and $12K), coupled with the current mildness of profit-taking, indicates that these prices were deemed reasonable entry points by participants. It also indicates that those in profit are willing to hold their coins for larger gains in the future.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.