Bitcoin Price Forecast: BTC/USD to Test $10K Soon?

Bitcoin price is gaining momentum above $8400 against the US Dollar. BTC/USD is now eyeing a test of the all-important $10,000.

If the current rally stays intact, the next targets for buyers are $9,450 and $10,000. Let’s analyze further.

Key Points

• Bitcoin price is positioned well in the bullish zone above $8,200 against the US Dollar.
• There is a rising channel forming with support at $7,200 on the daily chart of the BTC/USD pair.
• As long as the pair is above the channel support and $7,200, it might test the $10K level.

Bitcoin Price Rally is here to Stay

There were further gains in bitcoin price as it was able to move above the $8,000 level against the US Dollar. The BTC/USD pair formed a new all-time high at $8,488 (data feed via Kraken) and is currently placed well for more gains.

Looking at the daily chart of BTC/USD, there is a rising channel forming with support at $7,200. The channel recently acted as a major support above $7,000 and sparked a new rally.

The current upside move was solid as there was a break above the 76.4% Fibonacci retracement level of the last decline from the $7,921 high to $5,398 low. It opened the doors for a test of the last swing high at $7,921.

The upside move was such that the price succeeded in breaking $7,921 and traded to a new all-time high at $8,488. At the moment, the price is trading near the channel resistance at $8,500.

The mentioned resistance is also near the 1.236 extension of the last decline from the $7,921 high to $5,398 low. Therefore, there is a chance of a minor dip in the short term before the price attempts a break above $8,600.

Once there is a close above the channel resistance or $8,600, the price could test the 1.618 extension of the last decline from the $7,921 high to $5,398 low, which is at $9468.

Can BTC/USD Test $10,000?

Should there be a test of the mentioned $9,468 level, there are high chances of a spike towards the $10K level.

Therefore, keep a close eye on bitcoin price, the support levels at $8,100 and $7,200 in the medium term. And, finally look for a break above $8,600 for further gains.

There were major gains in Ethereum price as well this week. It moved above $450 level and eyes a test of the $500 level. OMG/USD was pressured a bit after ETH/USD’s rise, but other cryptocurrencies performed well.

Trade safe traders and enjoy the ride!!!