{"id":413173,"date":"2020-02-03T01:52:40","date_gmt":"2020-02-03T01:52:40","guid":{"rendered":"https:\/\/ktsl888.com\/?p=413173"},"modified":"2024-06-11T13:41:22","modified_gmt":"2024-06-11T13:41:22","slug":"bitcoin-surges-9600-heres-what-it-means-for-bulls","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-surges-9600-heres-what-it-means-for-bulls\/","title":{"rendered":"Bitcoin Surges to $9,600: Here&#8217;s Why a Bigger Price Explosion Is Expected"},"content":{"rendered":"<p>In the past 20 minutes, Bitcoin has finally exploded higher out of the weekend range, breaking above $9,500 for the first time since the strong top seen on January the 30th. Per data from <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a>, the cryptocurrency just minutes ago hit $9,620 \u2014 rallying 2.3% higher in the span of about 10 minutes.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/kjS3oTk3\/\" width=\"799\" height=\"474\"><\/p>\n<p>The timing of the surge was eerie: in the same five or ten minutes, Bitcoin surged 2% out of left field as the Shanghai Stock Exchange Composite dropped 8% <a href=\"https:\/\/ktsl888.com\/2020\/01\/28\/no-bitcoin-gains-are-not-down-to-fears-of-coronavirus-outbreak\/\">on the fear of the coronavirus outbreak affecting the economy.<\/a><\/p>\n<p>While the cryptocurrency has since retraced slightly, finding itself changing hands for $9,550, analysts say that the latest move in Bitcoin&#8217;s price, which sets a new multi-month high, is a precursor to even more gains in the coming weeks.<\/p>\n<h2><strong>Bitcoin Poised to Surge Even Higher, Analysts Say<\/strong><\/h2>\n<p><a href=\"https:\/\/twitter.com\/davthewave\" rel=\"nofollow\">Dave the Wave<\/a>, a legendary cryptocurrency trader who in the middle of 2019 called that Bitcoin would decline to the mid-$6,000s before heading higher, recently posted the below tweet.<\/p>\n<p>In it, he noted that BTC is currently trading in a mini parabola pattern, marked by rapidly increasing upward price action. The parabola, should it play out in full, means that the price of the leading cryptocurrency will hit $11,200 or so around the end of February. That would represent 18% rally from the current price point.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/kp6s4Qi9Z6\" rel=\"nofollow\">pic.twitter.com\/kp6s4Qi9Z6<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/01624833?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 3, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin analyst and commentator on institutional involvement in cryptocurrency MacroScope <a href=\"https:\/\/twitter.com\/MacroScope17\/status\/36858368\" rel=\"nofollow\">noted<\/a> that he thinks &#8220;dips from here would be short-lived because of new money looking for entry due to global macro,&#8221; liking citing the volatility in the Asian markets as aforementioned and broader geopolitical risks.<\/p>\n<p>There&#8217;s also \u00a0CryptoBirb, who noted that the performance of the leading cryptocurrency is January is likely a precursor to an even larger move higher.<\/p>\n<p>Per the analyst, Bitcoin formed a \u201cstrong engulfing\u201d candle in January, bouncing off a zone of high demand in the $6,000s. This, he claims, signifies there is \u201chigh time frame demand\u201d for BTC. He added that with the candle closing above the three-month resistance of the $9,100 price point, an even larger\u00a0<span class=\"glossaryTerm\" data-title=\"Bullish\" data-content=\"A descriptive term borrowed from stock markets to describe a positive market outlook.\" data-url=\"\/glossary\/bullish\">bullish<\/span>\u00a0reversal is likely in store for the crypto asset market.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>In the past 20 minutes, Bitcoin has finally exploded higher out of the weekend range, breaking above $9,500 for the first time since the strong top seen on January the 30th. Per data from TradingView, the cryptocurrency just minutes ago hit $9,620 \u2014 rallying 2.3% higher in the span of about 10 minutes. The timing of the surge was eerie: in the same five or ten minutes, Bitcoin surged 2% out of left field as the Shanghai Stock Exchange Composite dropped 8% on the fear of the coronavirus outbreak affecting the economy. While the cryptocurrency has since retraced slightly, finding itself changing hands for $9,550, analysts say that the latest move in Bitcoin&#8217;s price, which sets a new multi-month high, is a precursor to even more gains in the coming weeks. Bitcoin Poised to Surge Even Higher, Analysts Say Dave the Wave, a legendary cryptocurrency trader who in the middle of 2019 called that Bitcoin would decline to the mid-$6,000s before heading higher, recently posted the below tweet. In it, he noted that BTC is currently trading in a mini parabola pattern, marked by rapidly increasing upward price action. The parabola, should it play out in full, means that the price of the leading cryptocurrency will hit $11,200 or so around the end of February. That would represent 18% rally from the current price point. pic.twitter.com\/kp6s4Qi9Z6 &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) February 3, 2020 Bitcoin analyst and commentator on institutional involvement in cryptocurrency MacroScope noted that he thinks &#8220;dips from here would be short-lived because of new money looking for entry due to global macro,&#8221; liking citing the volatility in the Asian markets as aforementioned and broader geopolitical risks. There&#8217;s also \u00a0CryptoBirb, who noted that the performance of the leading cryptocurrency is January is likely a precursor to an even larger move higher. Per the analyst, Bitcoin formed a \u201cstrong engulfing\u201d candle in January, bouncing off a zone of high demand in the $6,000s. This, he claims, signifies there is \u201chigh time frame demand\u201d for BTC. He added that with the candle closing above the three-month resistance of the $9,100 price point, an even larger\u00a0bullish\u00a0reversal is likely in store for the crypto asset market. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":413176,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1155,69676],"class_list":["post-413173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-bullish","tag-shanghai-stock-exchange"],"acf":[],"yoast_head":"\n<title>Bitcoin Surges to $9,600: Here&#039;s Why a Bigger Price Explosion Is Expected<\/title>\n<meta name=\"description\" content=\"In the past 20 minutes, Bitcoin has finally exploded higher out of the weekend range, breaking above $9,500 for the first time since the strong top seen\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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