Despite $500 flash crash, 'BTC has enough in the tank to break $10,000'

30 May, 2019
by Joeri Cant
Despite $500 flash crash, 'BTC has enough in the tank to break $10,000'

Despite the fact that we just saw Bitcoin surge above the $9,000 level, breaking out from $8,700 earlier today, and then flash crash by almost $500 to below $8,700, many analysts remain convinced that BTC can break the $10,000 price mark.

Gains of around 4% for the 24h period pushed Bitcoin's price past $9000 on most exchanges. However, the euforia it brought to the crypto community, was unfortunately short lived.

Bitcoin's big move up past the important $9000 level quickly suffered a flash crash by almost $500, which brought BTC to the current price at around $8,645.

Indeed Bitcoin got rejected hard.

Many analysts have pointed to the $9,000 price mark as the level which Bitcoin has to close above on the daily and weekly chart, if it wants to have any chance to break towards the $10,000 and higher.

Crypto analyst, Horn Hairs, recently suggested that 'A break and close above $9k (especially on the weekly) makes a move to $11.8k high probability'.

Unfortunately that wasn't in the stars for Bitcoin today, and all the $9,000 Vegeta memes are locked away, yet again.

However, one analyst, going by the Twitter handle Filb Filb, took to Twitter to state that Bitcoin still has enough in the tank to break $10,000.

The crypto analyst explained that as the cryptocurrency market continues to push upwards, shorts will become increasingly under pressure to cover, thereby pushing up prices as a result.

He as well expected for the FOMO and the 0.618 Fibonacci Retracement level, to potentially give Bitcoin the legs to run to the $12,000 range.

However, this was yesterday, one day before the recent $500 flash crash of today.

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Read more about: Bitcoin (BTC)


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