BTC/USD: Bitcoin is hovering below $10,000; is it the last chance to buy cheap before the rally?

The first digital asset resumed the growth on Friday and attempted to settle above $10,000. While the move was not sustained, the coin continues moving with a short-term bullish bias. BTC/USD has gained over 7% on a day-to-day basis, while its market capitalization reached $182 billion.

Don’t miss the chance

The billionaire and a long-standing Bitcoin supporter Mike Novogratz says that Bitcoin’s rally is just about to begin. He urged investors and traders to hurry up and jump in the bullish train before it is gone.    

The founder of cryptocurrency bank, Galaxy Digital, believes that Bitcoin will extend the upside and set a new record in 2020.

Exciting day for $btc.  I want to point out that we aren’t even at the years highs.   This rally is just starting.   Don’t miss the bus. @novogratz

He also added that he was not going to sell his BTC at $12,000 due to the upcoming wave of cryptocurrency mass adoption and the improvement of technical factors.

Earlier, Novogratz said that massive economic stimulus provided by major governments were increasing Bitcoin’s attractiveness for investors in the long run. In a sarcastic tweet, he said that now money literally grows on trees.

BTC/USD: Technical picture

The next strong resistance is created by $10,000-$10,150. This psychological area is reinforced by the 50% Fibo retracement of the downside move from July 2019 high to December 2019 low. Once it is out of the way, the upside is likely to gain traction with the next focus on $10,511, which is the highest level of 2020.

On the downside, the first important resistance is created by $9,300 (the highest level of the previous week and 38.2% Fibo retracement of the above-said move).

BTC/USD weekly chart