{"id":423526,"date":"2020-05-11T22:30:32","date_gmt":"2020-05-11T22:30:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=423526"},"modified":"2024-06-11T13:48:32","modified_gmt":"2024-06-11T13:48:32","slug":"dont-be-surprised-to-see-bitcoin-rapidly-pump-towards-10000-analyst","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/dont-be-surprised-to-see-bitcoin-rapidly-pump-towards-10000-analyst\/","title":{"rendered":"Don’t Be Surprised to See Bitcoin Rapidly “Pump” Towards $10,000: Analyst"},"content":{"rendered":"

Just three hours ago, Bitcoin’s latest block reward halving finally came to pass.<\/p>\n

Aside from some short-term volatility<\/a> \u2014 rallies and crashes of a few percentage points here and there<\/a> \u2014 the cryptocurrency barely budged off the news from a macro perspective. Case in point: the cryptocurrency now trades at $8,600 as of the time of this article’s writing, about where it was just 24 hours ago.<\/p>\n

Yet analysts are starting to become convinced that a return to the highs is possible in the coming days. One top trader, in fact, argued that he sees a world in which Bitcoin “pumps” towards $10,000 in the coming days.<\/p>\n

Bitcoin Is Preparing to Rocket Even Higher<\/strong><\/h2>\n

A top analyst, one that called that XRP would fall to $0.11-$0.13 early this year when markets were pumping, recently shared the image below.<\/p>\n

Shown is BitMEX’s Bitcoin futures contract details, with the notable part of the image being the -0.2085% predicted funding rate in 16 hours. This means that should the predicted rate remain accurate, short positions will be paying longs 0.2085% every eight hours to maintain their positions.<\/p>\n

Although 0.2085% may not seem like much, that fee can stack up once you involve leverage.<\/p>\n

With that in mind, the trader shared: “Don’t be surprised if you see a quick pump and dump to $10,000… Crazy Bitcoin funding predicted rate.”<\/p>\n

\"BitMEX
BitMEX data shared by @CryptoCapo_ (a Twitter handle)<\/figcaption><\/figure>\n

Such high funding rate values are often seen near the reversals of market trends, like how the actual funding rate crossed below the ~0.15% extreme threshold during BTC’s crash in March.<\/p>\n

This call for $10,000 was somewhat echoed by “PlanB” \u2014 a pseudonymous quantitative analyst in the space \u2014 during a recent live stream.<\/p>\n

He argued<\/a> that Bitcoin’s chart is currently looking like a textbook “Bart” formation, in reference to the common price action in Bitcoin markets where prices dump, then rally vertically to pre-crash levels in the span of a few days.<\/p>\n

Long-Term Bullish<\/h2>\n

The long-term outlook is purportedly bullish as well, one trader explained.<\/p>\n

The trader in question is the same one who said on March 13th, on the day that Bitcoin hit $3,700, that he thinks a bottom was in.<\/p>\n

In a multi-part thread<\/a> released on Monday morning, he asserted that he remains bearish in spite of Bitcoin\u2019s recent crash.<\/p>\n

Backing this optimism, he pointed to five market trends that have transpired:<\/p>\n