August 10, 2020

Bitcoin Has Held Over $10k for Nearly Two Weeks: What Happens Now?

Our founder and CEO, Sergei Khitrov, shared with Finance Magnates his opinion about the recent bitcoin surge.

He told that currently, “[…] there are still huge volumes on the market, and the market is constantly fueled by positive news and the growth of other cryptocurrencies.”

“In our opinion, the previous resistance level at $14000 may be tested in the second half of this year,”- Sergei Khitrov said. “And, of course, there is still a good chance that Bitcoin’s current momentum above $10k could come to a screeching halt–and even reverse. “It is always possible that a ‘Bart Simpson’ trading pattern will be repeated in case of negative news on the market,” Sergei told. “In this case, a retest of the level of $10,000 is quite possible, which remains a significant psychological benchmark. Falling below, it will mean the end of the recent bull run.”