Analyst picks top-5 altcoins, predicts correction for Ethereum and Bitcoin

In a new video on the state of the crypto market, trader and analyst Michaël van de Poppe shared his possible scenarios for the coming days. The analyst advised his audience not to fall in FOMO (Fear-of-Missing-Out) for altcoins that have moved strongly in the last days.

The trader first concentrated on some tokens from the Ethereum DeFi sector. With exorbitant profits, these tokens can be a huge opportunity for investors but also for a total loss. As an example van de Poppe cited BAND of the Band Protocol. As can be seen in the chart below, BAND has experienced a significant increase in a short time. The trader explained that the chances that BAND and other tokens with similar gains will continue the upward trend are low, at least in the short term:

Bringing a coin into this area is completely idiotic. If you want to take over the trade in this area, better donate the money to a charity and dedicate yourself to something else. (For BAND trading) I am more interested in a longer delay (in price) as we saw in the last price increase.

Bitcoin BTC XRP Ethereum ETH


The analyst stated that he is more interested in other coins such as Celer Network’s CELR. He believes that CELR’s performance indicates an upcoming rally. Comparing the current state of CELR with the state of BAND before the massive increase shown above, Michaël said:

Celer Network is showing a clear volume accumulation, which is showing that people are interested in this asset… We see that we are above the 100-day and 200-day (moving average) for the first time since the listing. So we’re getting into the bull territory for the first time since it has been listed.

Van de Poppe predicts an increase of the price of Celer Network’s token in the CELR/BTC pair towards 200 Satoshis which would represent an increase of 140%. Additionally, the analyst believes that Harmony’s ONE has similar indicators to CELR. In the ONE/BTC pair, the currency is priced at around 80 Satoshis with the potential for a parabolic increase of 110% towards 180 Satoshis.

The trader also advised investors to keep their eyes on the MANA token of Decentraland and the ALGO token of Algorand. According to Michaël, these tokens could have increases close to 100% if they manage to maintain their current support levels.

Correction for Bitcoin, Ethereum and XRP?

In a video titled “Ethereum And Ripple: Where To Buy The Dip?” van de Poppe also states that he expects a setback for ETH and XRP. According to him, ETH will reach 280 dollars while he recommends investors to wait until this level before taking a long position. He also expects that XRP will also go down after reaching $0.32. Van de Poppe determined as possible support level at $0.28 or $0.24 before establishing a long position.

Finally, the van de Poppe referred to the Bitcoin price (BTC) and stated that…

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The Quest to Liberate $300,000 of Bitcoin From an Old Zip File

IN OCTOBER, MICHAEL Stay got a weird message on LinkedIn. A total stranger had lost access to his bitcoin private keys—and wanted Stay’s help getting his $300,000 back.

It wasn’t a total surprise that The Guy, as Stay calls him, had found the former Google security engineer. Nineteen years ago, Stay published a paper detailing a technique for breaking into encrypted zip files. The Guy had bought around $10,000 worth of bitcoin in January 2016, well before the boom. He had encrypted the private keys in a zip file and had forgotten the password. He was hoping Stay could help him break in.

In a talk at the Defcon security conference this week, Stay details the epic attempt that ensued.

Zip is a popular file format used for “lossless” compression of large files, like the little drawstring sack that can somehow contain your sleeping bag. Many implementations of zip are known to be insecure, to the point that US senator Ron Wyden of Oregon called on the National Institute of Standards and Technology last summer to investigate the issue. “If we find the password successfully, I will thank you,” The Guy wrote with a smiley face. After an initial analysis, Stay estimated that he would need to charge $100,000 to break into the file. The Guy took the deal. After all, he’d still be turning quite the profit.

“It’s the most fun I’ve had in ages. Every morning I was excited to get to work and wrestle with the problem,” says Stay, who today is the chief technology officer of the blockchain software development firm Pyrofex. “The zip cipher was designed decades ago by an amateur cryptographer—the fact that it has held up so well is remarkable.” But while some zip files can be cracked easily with off-the-shelf tools, The Guy wasn’t so lucky.

That’s partly why the work was priced so high. Newer generations of zip programs use the established and robust cryptographic standard AES, but outdated versions—like the one used in The Guy’s case—use Zip 2.0 Legacy encryption that can often be cracked. The degree of difficulty depends on how it’s implemented, though. “It’s one thing to say something is broken, but actually breaking it is a whole different ball of wax,” says Johns Hopkins University cryptographer Matthew Green.

Stay had only a few clues to go on to inform his approach. Since The Guy still had the laptop he had used to make and encrypt the zip file—also a decent indicator that the bitcoin was actually his to begin with—Stay at least knew which zip program had encrypted the file and what version it ran. He also had the time stamp of when the file was created, which the Info-ZIP software uses to inform its cryptography scheme. From a massive pool of passwords and encryption keys, Stay was able to narrow it down to something on the order of quintillions.

To run an attack of that scale would require renting cloud graphics-processing units. Stay tapped Pyrofex CEO Nash Foster to implement the cryptanalysis code and run it on Nvidia Tesla general-purpose GPUs. As they got deeper into the project, Stay was able to refine the attack and reduce how long it would need to run to produce results.

“Our initial expectation was we would do engineering for a couple of months, and then the attack would have to run for several months to succeed,” Foster told WIRED. “Mike ended up being able to do a more effective job with the cryptanalysis, so we spent more time developing the attack but then only needed to run it for about a week. That saved the guy a lot of money on infrastructure costs. Ten years ago there would have been no way to do this without building special-purpose hardware, and the cost probably would have exceeded the value of his bitcoin.”

The question still remained, though, whether all that GPU-crunching would actually work. After months of hammering on the problem, Stay was finally ready to try. The Guy hadn’t given the entire zip file to Stay and Foster; he likely didn’t trust that they wouldn’t steal his cryptocurrency if they did manage to crack the keys. Instead, because of how encryption is implemented in zip files, he was able to just give Stay and Foster the encrypted “headers,” or informational notes about the file, without sharing its actual content. By February, four months after that first LinkedIn message, they queued it all up and started the attack.

It ran for 10 days—and failed. Stay later wrote that he was “heartbroken.”

“We’d had lots of bugs before, but the tests I ran on my laptop all worked perfectly,” he says now. “If it was a bug, it had to be a subtle one, and I worried that it would take us a long time to find.” It didn’t help that throughout February, bitcoin’s price was dropping, and the value of the zip file’s contents with it. The Guy was antsy.

Stay combed through his attack, worried about some obscure, incorrect assumption or a hidden bug. He soon struck on a new idea about which number, or “seed,” to try as the starting point for the random number generator used in the cryptographic scheme. The Guy combed the test data as well and noticed an error that occurred if the GPU didn’t process the correct password on the first attempt. Stay and Foster fixed the bug. With both of these revisions to the attack in place, they were ready to try again…

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Bitcoin Price Eyes New 2020 High

The Bitcoin (BTC) price perked up on Aug. 5, rallying from $11,090 to $11,784 before briefly retracing to the $11,650 area as the daily close approached. Currently, the price trades near the $11,500 support after bulls were unable to tackle the $11,800 level.

Despite a pullback to lower support, Wednesday’s 6.29% push through the $11,100 to $11,250 zone was much needed, as the price had lingered below this level for about three days.

BTC/USD 4-hour chart

BTC/USD 4-hour chart. Source: TradingView

As the 4-hour chart shows, once above $11,450, traders were able to slice through the $150 gap on the volume profile visible range and pursue the completion of a W-bottom reversal pattern; however, failure to pierce $11,800 prevented this.

As reported by Cointelegraph earlier this week, the Aug. 2 flash crash that saw the Bitcoin price drop $1,500 in minutes and liquidate $1 billion did little to shake the bullish resolve of professional traders.

According to GSR market analyst Micah Erstling:

“The large percentage of headlines and traditional investors looking for higher yielding assets has led to a larger shift into crypto. As a result, open interest in futures listed on major exchanges reached a new lifetime high of $5.6 billion on August 1, surpassing the previous record of $5.36 billion in February.

Given the increased bullish sentiment, funding rates prior to the crash were at unsustainable levels as the funding rate for Bitcoin was hovering around 0.0721%. Furthermore, the imbalance for ETH was even worse as the funding rate was at 0.21%. However, post sell off, funding rates have stabilized despite still indicating a bullish tilt.”

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Altcoins also notched notable gains as Bitcoin spent a few days consolidating, a few managing…

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Did Bitcoin Just Surpass A Key Technical Level?

Bitcoin prices recently climbed over 5% in less than 24 hours, breaking through $11,500 earlier today on CoinDesk.

While this particular price point was described by one trader as “the most important level” for bitcoin, the simple fact that the digital currency rose above $15,000 cannot be interpreted as “the start of a bull run,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Jesse Proudman, CEO of crypto hedge fund Strix Leviathan, offered a similar point of view.

“Bitcoin’s bounce off its March lows, bolstered by the eye-popping performance of other large-cap cryptos certainly has the initial indications of the beginnings of a broader bull market,” he stated.

However, “the real test will be if Bitcoin can break both $12,000 and $13,000, posting higher highs over the preceding market rallies in 2019 and 2020.”

Jon Pearlstone, publisher of the newsletter CryptoPatterns, also weighed in, looking at some key price levels.

“While Bitcoin’s current move higher above $11,500 is another bullish sign, for now it’s primarily a move higher retest of the weekend spike high of around $12,100,” he stated.

“How price and volume reacts if it reaches $12,100 – $12,500 will be important,” Pearlstone emphasized.

“If Bitcoin can break the key resistance level of $12,500, then the next target will be the prior cycle high around…

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Is This The Real Reason Behind Bitcoin’s Huge Weekend Flash Crash?

Bitcoin volatility is back. After months of relative stability the bitcoin price ricocheted this weekend, rapidly losing and gaining over $1,000 in mere minutes.

Bitcoin’s Sunday morning flash crash was initially attributed by some to so-called “whales” who control large amounts of bitcoin moving the market, however others have now suggested it could be due to “algo misbehavior.”

The bitcoin price broke $12,000 per bitcoin early Sunday morning only to plummet 12% to $10,500 within the hour before bouncing back to over $11,300 almost immediately.

“Such spikes are still inherent to the crypto market structure, with prolific unregulated leveraged trading going on,” Anatoliy Knyazev, the chief executive of brokerage Exante, said via email, adding the flash crash “could be a case of an algo misbehavior.”

Algorithmic trading is used to automate trades based on time, price, and volume with traders programming buy or sell orders to happen when certain market conditions are met, such as an asset price reaching a particular level or if it sharply falls.

The effects of algorithmic trading can be exacerbated by leveraged trading, allowing traders to take larger positions with smaller amounts of capital—something that is now being offered by many of the biggest bitcoin and cryptocurrency exchanges.

“There’s a lot more leverage now than ever before, especially in crypto,” Mati Greenspan, the founder of Quantum Economics told subscribers of his markets newsletter.

“This could lead to some extreme volatility,” Greenspan wrote, but added he thinks “bitcoin, along with the rest of the digital asset market, is in a bull market right now.”

The bitcoin price has shot up by more than…

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Top 5 Cryptocurrencies to Watch This Week

Bitcoin’s (BTC) rally above the $10,000–$10,400 zone has attracted several traders who had been waiting for a trending move to start. Yusuke Otsuka, the co-founder of Japanese crypto exchange Coincheck, said that several Japanese traders who had been dormant have started trading again this week.

Monex Group CEO Oki Matsumoto also said that many traders who missed buying gold at lower levels are interested in Bitcoin as it has just started its uptrend.

Crypto market data daily view

Crypto market data daily view. Source: Coin360

However, it should be noted that traders have different goals, and they trade different time frames. After the sharp up move of the past few days, some short-term traders pressed the sell button as Bitcoin topped $12,000.

This resulted in a massive drop in Bitcoin and several other altcoins, but the positive sign is that buyers emerged at lower levels, which suggests that traders who missed buying the breakout are keen to get in.

The next few days are critical as they will provide deeper insight into whether Bitcoin has started a sustained up move or if this was a massive bull trap.


Bitcoin (BTC) started an uptrend after it broke out of the $10,000–$10,400 resistance level on July 27. This move also completed the inverse head and shoulders pattern, which has a target objective of $16,997.

BTC/USD daily chart

BTC/USD daily chart. Source: TradingView

As the pair is in a trending move a 20-day exponential moving average, and the directional movement indicator has been used on the charts.

The average directional movement index (ADX) is above 41 level, which suggests that the trend is strong. The positive directional indicator (+DI) is above the negative directional indicator (-DI), which suggests that the bulls have the upper hand.

Today, the BTC/USD pair reached an intraday high of $12,113.50, which is just below the $12,304.37 resistance. This attracted aggressive profit booking from some short-term bulls that dragged the price down to $10,525.

This resulted in a large outside day candlestick pattern, which sometimes indicates a reversal. For the trend to turn negative, the bears will have to sink and sustain the price below $10,400.

However, today, the price has rebounded sharply off the $10,525 level, which suggests that the traders are using the dips to buy. As long as the price sustains above $10,400, the path of least resistance is likely to be on the upside.

BTC/USD 4-hour chart

BTC/USD 4-hour chart. Source: TradingView

The ADX on the 4-hour chart is above 44, suggesting that the short-term trend is also strong but the -DI has risen above the +DI, which suggests that the bears have a minor advantage. If the bears can sink the price below $10,800, a retest of $10,400 will be on the cards.

A break below $10,400 will be a huge negative, hence, traders can avoid bottom fishing if the price sustains below this level.

Conversely, if the pair sustains above the $10,800–$10,400 support zone, then the bulls are likely to make another attempt to push the price to $12,113.50. A break above this level is likely to resume the up move.


Ether (ETH) broke out of the $253.556 level on July 22 and reached a high of $415.634 today, which is a 62.92% rally within a short time. This pace of the uptrend is unsustainable, hence, a pullback was warranted.

ETH/USD daily chart

ETH/USD daily chart. Source: TradingView

Today, traders booked profits aggressively that quickly pulled the price down to $328.507, which is just above the 50% Fibonacci retracement level of the most recent leg of the rally. However, the bulls purchased this dip aggressively, which shows strong demand at lower levels.

Unless the price closes near the bottom of today’s large range, the outside day candlestick pattern will not signal a reversal. The ETH/USD pair might trade in a small range for a few days as both the bears and the bulls wait for clarity.

The ADX is above 52 and the +DI is above the -DI, which shows that the advantage is with the bulls. If the bulls can sustain the price above the 38.2% Fibonacci retracement level of $346.857, a retest of $415.634 is likely. Above this level, the uptrend is likely to resume with the next target at $480.

Contrary to the assumption, if the bears can sink the price below $320, a drop to the 20-day EMA ($302) is possible. A break below this zone will be a huge negative and could signal that a short-term top has been made at $415.634.

ETH/USD 4-hour chart

ETH/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls are trying to keep the price above the 20-EMA, which is a positive sign. The short-term trend remains strong with the ADX above 42 levels. The +DI and the -DI are close to one another, which shows that both the bulls and the bears are trying to establish their supremacy.

If the bulls can sustain the price above $366, it will be a huge positive as it will indicate strong demand at lower levels. Such a move will increase the possibility of a rally to $415.634, above which the uptrend is likely to resume. Hence, the bulls can remain positive as long as the price sustains above the 20-EMA.

However, if the price dips below the 20-EMA, the bears are likely to make another attempt to break below the critical support at $320. Traders can remain cautious as long as the price remains below the 20-EMA and $366.


Chainlink (LINK) has been consolidating in a large range of $6.8221–$8.9080 for the past few days. This has dragged the ADX to just above 31, which suggests that the trend has weakened marginally.

LINK/USD daily chart

LINK/USD daily chart. Source: TradingView

The +DI and the -DI are close to each other, which suggests that both the bulls and the bears are trying to gain an upper hand.

Today, the LINK/USD pair plunged sharply from close to the overhead resistance of the range to the support of the range. However, the bears could not keep the price down and the pair rebounded sharply from the intraday lows of $6.87.

This suggests that the bulls are aggressively buying at lower levels. If the bulls can propel the pair above $8.9080, the uptrend is likely to resume with the next target at $11.

LINK/USD 4-hour chart

LINK/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls purchased the dip to $6.87 aggressively and then tried to propel the price above $8.908 but they are facing stiff resistance just below this level, which suggests that the bears have other plans.

However, if the bulls can keep the price above the upsloping 20-EMA, it will increase the possibility of a breakout above $8.908. A close (UTC time) above this level will suggest that the uptrend has resumed.

Conversely, if the price slides below the 20-EMA, the bears will make one more attempt to sink the price below $6.8221. If they succeed, it will be a huge negative.


VeChain (VET) is currently trading inside a…

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Last Time This Bitcoin Statistic Hit A New High, BTC Surged 3.5x—And It’s Back

The so-called “HODLwave” of Bitcoin has hit a new all-time high. The metric indicates the amount of unmoved BTC on the blockchain in the past 12 months. It typically suggests that investors are increasingly accumulating the dominant cryptocurrency.

Researchers at Cryptowatch, a crypto market data company owned by U.S. exchange Kraken, wrote:

“Bitcoin’s 1-year HODL wave—BTC unmoved on the blockchain over the last 365 days—has hit a new all-time high of 63%. Bitcoin’s HODL wave is up 1% since the start of July.”

The last time this many users held onto Bitcoin without transferring it to other addresses was in early-2019. At the time, BTC rallied from around $4,000 to $14,000, recording a 250% uptrend.

Various On-Chain Metrics Hint At Improving Bitcoin Market Sentiment

The “HODLing” activity of Bitcoin has continuously hit new highs since late last month.

On June 30, Altana Digital Currency Fund’s chief investment officer Alistair Milne said the metric hit 62%. He predicted that it could hit 70% at its peak during the ongoing cycle.

Milne said:

“HODL’ing for a year or more just made a new ATH of 62%. Similar levels of HODL last seen during a 3-month consolidation at around $400 before starting a two-year bull run. Guesstimate that this cycle will peak around 70%?”

Since then, within a month, the price of Bitcoin rallied from $9,187 to over $11,000. On July 27’s peak, BTC rose to as high as $11,417 on spot exchanges, such as Bitstamp.

Apart from the HODLwave, other on-chain metrics and statistics suggest that the market sentiment around Bitcoin remains positive.

Most recently, market data firm Glassnode said the number of Bitcoin addresses holding at least $1 million surged to 18,000.

The statistic shows that new “whales”—investors holding a significant amount of Bitcoin—have increased in prominence over recent months.

Historically, when new whales bought Bitcoin, it led to strong rallies.

For instance, data from Glassnode shows the number of new whales increased in December 2017 and…

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Winklevoss Twin: Next Bitcoin Bull Run Will Be ‘Dramatically Different’

Cameron Winklevoss, the billionaire founder of cryptocurrency exchange Gemini, believes the next Bitcoin (BTC) bull run will be much different. When compared to previous bull markets, Winklevoss noted that there is substantially more capital, infrastructure, and better projects.

Winklevoss said:

“The next Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!”

Various data points hint at a significant increase in the amount of capital held by investors in the cryptocurrency market. Major cryptocurrency exchanges have also received more regulatory clarity, improving the infrastructure of the market.

Capital flows into the Bitcoin market

Two metrics primarily show that more money could be involved in the latest Bitcoin rally. First, the market capitalization of Tether (USDT) has surpassed $10 billion. Second, the assets under management (AUM) by Grayscale Investments recently achieved a new high.

Tether (USDT) market capitalization hits $10 billion

Tether (USDT) market capitalization hits $10 billion. Source: CoinMarketCap

To date, Tether is the biggest stablecoin in the cryptocurrency market. Investors, especially in countries with regulatory uncertainty, rely on the stablecoin to trade crypto assets. A rapid rise in the market cap of Tether could indicate more money is waiting to deploy on crypto exchanges.

Grayscale’s crypto-asset trusts are arguably the most widely-utilized investment vehicles by institutions to gain exposure to cryptocurrencies. Within the last quarter, the assets under management in Grayscale’s suite of products hit an all-time high at $5.1 billion.

Grayscale AUM reached $5.1 billion

Grayscale AUM reached $5.1 billion. Source: Grayscale

Grayscale CEO Barry Silbert said:

“In 2013, everybody thought we were crazy for launching a Bitcoin investment fund. Well, look at us now…”

The confluence of Tether’s market cap and Grayscale’s ballooning assets under management shows that capital held by institutions and retail traders continues to increase substantially.

Crypto market infrastructure is improving

In 2020, exchanges and banks in the U.S. primarily saw regulatory clarity regarding cryptocurrencies.

The Office of the Comptroller of the Currency of the U.S. (OCC) allows banks to provide and operate crypto custodial solutions. It is essentially a green light for financial institutions in the U.S. to get involved in the cryptocurrency market.

JPMorgan is also reported to have accepted Gemini and Coinbase, two of the largest spot exchanges in the U.S., as clients. Through this, the fear of strained banking relationships affecting exchanges and users has subsided.

Clarity around cryptocurrencies by major U.S. regulators and banks could improve the perception of the asset class by the mainstream. This means if Bitcoin approaches a new bull market, the improved sentiment around the entire industry could benefit BTC adoption and its value.

Crypto startups are finding relevant use cases

Overall, projects and companies in both the Bitcoin and crypto markets are seemingly increasing in quality. This is partially due to increased regulatory clarity and the fact that more traditional firms are willing to collaborate with crypto firms.

As an example, Bitcoin Lightning startup Zap is working with Visa and…

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Former Hedge Fund Billionaire Makes The Case For $20,000 Bitcoin Price By The End Of 2020

Bitcoin has rocketed higher over the last few days, breaking months of inaction and sparking excitement among bitcoin investors.

The bitcoin price, still about half its all-time high set in late 2017, rallied almost 20% in less than a week—peaking at just over $11,400 per bitcoin on Monday evening before falling back.

Now, former hedge fund billionaire-turned crypto investor, Michael Novogratz, has said he expects the bitcoin price to hit $20,000 by the end of the year—fueled by a global “liquidity pump” and an influx of retail investors.

“The liquidity story isn’t going to go away. We’re going to get a big stimulus,” Novogratz, the founder and chief executive of bitcoin and crypto merchant bank Galaxy Digital, told CNBC, adding, “it doesn’t look like the Federal Reserve is going to raise rates.”

U.S. Republican lawmakers unveiled plans for a $1 trillion stimulus package on Monday that includes another round of $1,200 payments and additional funds for small-business loans. However, U.S. investors sent stocks lower as markets braced for a prolonged period of negotiation between Democrats and Republicans.

Meanwhile, the gold price, which Novogratz also sees climbing in coming months, lost momentum after coming within touching distance of $2,000 for the first time.

“Yesterday, you saw a lot of money shift back over to gold and bitcoin,” Novogratz said, pointing to “a lot of retail interest in [bitcoin].”

Retail traders switching from stocks to bitcoin amid fresh government stimulus could send the bitcoin price to $14,000 within the next three months and as high as $20,000 by the end of the year, according to Novogratz.

Novogratz also said he’s beginning to see institutional investors move into bitcoin but warned Wall Street investors may face a learning curve compared to gold.

“Gold has been around for 3,000 years. It’s pretty easy to buy,” he said. “There’s an adoption game in bitcoin that you don’t have in gold.”

Novogratz’s prediction is somewhat supported by…

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How High Can Bitcoin Go After the $10K Breakout?

Bitcoin bulls appear to be resting right now after ricocheting off a major fibonacci resistance at $11,390 (yellow fibonacci levels on daily chart).

This is the first time this level has been testing in almost a year, and is one of the major hurdles standing in the way of BTC prices breaking above the psychological $12,000 mark.

On the 1-Hour BTC/USD Bitstamp chart, we can see that up-trending momentum has stalled. Could this an early sign of a bearish reversal, or are bulls just recharging before they make another strong move?

The Technicals

On the daily BTC/USD chart, we can see that the leading crypto is wildly overbought right now on the RSI. This is usually a strong indication that a correction is due.

The last time bitcoin was overbought on the daily RSI was back on May 11, right before prices tanked 19% over a 3 day period.

On the 4-Hour MACD, it’s showing that buying volume is falling on the histogram. The 12-day moving average is also starting to arc downward towards the 26-day moving average. If these two lines converge, it could be construed as an early signal of a short-term bearish reversal.

While this may all seem favourably bearish, it should be noted that the global crypto market capital has recently set a new higher high above $300 billion. This tends to be a very good sign that we have entered into a bull market, at least in the short to mid-term.

Price Levels to Watch in the Short-term

Right now, the aforementioned 0.5 fibonacci level (yellow) at approx $11,400, is the first major target for bullish traders. This is followed by a historically key weekly resistance at $11,490, and then the psychological $12,000 target above.

Looking at the 1-Hour chart (below), we can see that the $10,798 level (yellow dotted line) is creating some intraday resistance for bullish traders. The price is, however, being supported by one of two up-trending supports (see white lines on 1H chart).

The first support is keeping bitcoin above $10,730. If this fails, then we could see prices tumble down to the second uptrending line approximately near the $10,400 mark (depending on when it breaks and meets the line).

Beneath that, we have the 0.618 fibonacci level (white line) at $10,055 which could provide a foothold for bulls to rebound from if bears try to take over.

BTC/USD Bitstamp Daily Chart

BTC/USD chart via Tradingview

BTC/USD Bitstamp 1-Hour Chart

BTC/USD chart via Tradingview

The post Bitcoin Price Analysis: How High Can BTC Go After the $10K Breakout? appeared first on CryptoPotato.

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