Bitcoin Price Prediction: BTC/USD to breach $9,000 soon?

BTC/USD is trading for $8,350 in the early hours of Thursday.
Bulls are aiming for the $10,000-level.

Rajarshi Mitra Independent Analyst

Bitcoin bulls took the price up from $8,200 to $8,350 in the early hours of Thursday. Earlier on Wednesday, BTC/USD went up from $8,040 to $8,200. The price reached $8,240 before the bears corrected the market and took it down to $8,145. The bulls then re-entered the market and refused to let go off their stranglehold. If they continue their momentum, the $10,000 may get breached soon.

BTC/USD Daily Chart

The widening jaw of the 20-day Bollinger band shows increasing market volatility.
The latest session of the daily BTC/USD price chart crept back inside the upper curve of the Bollinger band.
On the upside, the closest resistance level lies at $8,350.
The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
The signal line has diverged away from the MACD line, showing increasing bullish momentum.
The relative strength index (RSI) indicator is trending in the overbought zone.
The Elliot Wave Oscillator shows 15 consecutive bullish sessions.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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