Many cryptocurrency traders are fastening their seat belts, as influential persons and price analysts are predicting an upcoming Bitcoin breakout this week.
George Ball, CEO of investment firm Sanders Morris Harris and former CEO of Prudential Securities, said in an interview last month that Bitcoin will become the best investment bet for affluent investors. He even guessed that it would start climbing the charts after today’s Labor Day.
At the time of writing, Bitcoin is changing hands at $10,050.26, according to CoinGecko. It may be on its last clutches at the $10,000 psychological support level. And if the analysts’ predictions do come true, then the crypto community will see it make a comeback to the $11,000 level and possibly challenge the $12,000 resistance level once more.
As the chart above shows, Bitcoin’s 50-day simple moving average (SMA) is way above the 200-day SMA. Despite BTC being knocked off from $11,000, the gap remains wide.
On the other hand, Bitcoin is seeing a number of lower lows, showing that there is a fierce battle happening between the bulls and the bears.
If analysts are proven correct with their bullish predictions, then Bitcoin may become the setup for the entire crypto market’s recovery. If not, then it goes to show that crypto investors who flocked into Bitcoin are coming back to other financial markets.
Meanwhile, read this comprehensive Bitcoin price analysis from CoinQuora.