According to a number of analysts, Bitcoin (BTC) is still poised to reach $10,000 in the near-term, despite the recent stagnation. In a recent tweet, Moon Overlord, a popular trader and analyst, noted that Bitcoin’s chart is still exhibiting clear bullish tendencies.
Overlord points out that BTC is still bullish, as it trades above key resistance levels at $7,000, $7,300, and $7,400; and continues to trade in two clear parabola patterns, which have both yet to go entirely vertical (signals the end of the parabolic trend). This, coupled with the fact that Bitcoin markets on BitMEX have recently seen their biggest periods of buying volume ever, lead Overlord to suggest that Bitcoin could soon break above the local resistance of $8,400 to $8,500, and then begin a rally to the $10,000 price point. That could be where the rally ends though, as quintuple digits are where BTC topped about one year ago. But, we can reaccess the situation once we get there.