Bitcoin bulls are pushing the price of BTC back above $8,000.
Right now, the market is mostly in the green, with BTC up 2.41% at $8,107 according to COIN360. Ethereum is up 4.67% at $255.75, XRP is up 1.17% at $0.3982 and Litecoin is down 2.52% at $134.08.
According to the most popular crypto analyst on YouTube, Bitcoin is now one step away from a surge to $10,000. Nicholas Merten (aka DataDash) says BTC is “very likely” to hit the big number if the leading cryptocurrency can rise above resistance at $8,400.
“We’re trying to get a solid breakout above $8,100 or $8,200. And if we breakout above $8,400 which is again the previous shoulder for Bitcoin, I would say that you’re going to get your rally to $10,000. That would be very, very likely.”
Merten cautions that bulls are not out of the woods yet and trading volume is key.
“You want to see a little bit of that price gain kind of retrace, not too significant, but at the same time with little to no volume showing that buyers who bought at these levels are not selling. There’s too much buy pressure and there’s room for the price to continue. And I guess you could say that that’s the case here.
The problem I see here is that price has been moving slightly up in this case and there’s not much serious buy-side volume. I fear that if you’re going to see another one of these days come through, we’re going to close below these levels at $7,400 and then you’re really going to get into no man’s land territory where there isn’t much serious support ranges outside of the big evens at $6,000.”
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