Bitcoin can rise to $ 10,000 in the short term! The crypto money market has once again been attacked by bears, and in the last week, the Bitcoin price has depreciated by more than 15%. The bears took over the entire market and lowered the BTC price to less than $ 8,000 and then to less than $ 7,000.
Only a month after a 42% increase in almost a day by BTC, this latest price drop pushed the bulls to the breaking point. And, according to some analysts, the crypto money market has entered a phase of recapitalization.
Bitcoin capitulation is in the surrender phase!
Bitcoin capitulation entered the surrender phase. What exactly is this stage? In fact, this period is an inevitable end in long-term bear markets. Here, there is a huge sales spree and the volatility increases as a result of numerous transactions.
Although the high volume of panic sales leads the market to collapse, the good thing is that; it helps prices find bottom levels that are important to the future accumulation process.
Some say Bitcoin's recent situation is just that. Bitlord, one of the popular traders on Twitter, talks about the it capitulation ”phase and says that he is taking a break from Bitcoin transactions due to the market collapse.
However, it should be noted that this phase does not suddenly reverse the long-term downturn. Prices remain flat for a long time, just as in 2015. This time, if the graph repeats itself, Bitcoin may increase to $ 10,000 in the short term. However, there are still many analysts who think positively. One of them is the analyst known as Velvet on Twitter, which accurately predicted the recent decline from $ 8,000 to $ 6,000 a few weeks ago.
Despite the old downturn forecasts, he made a very positive estimate, acknowledging that the cards began to unfold in favor of Bitcoin bulls.
To explain this in more detail yesterday, he published a chart showing Bitcoin's price movements for the last five months. Velvet said that Bitcoin's current price move looks like it was at the end of 2015, which is just a few months before the bull market that moved the BTC from $ 1,000 to $ 20,000.
To put it further, the monthly RSI is just over 50 as in late 2015, while the BTC is about to stay out of the long-term bull market.
And according to him, if the graphics repeat themselves, this time Bitcoin will see $ 10,000 at the beginning of 2020 and much higher in the short term.