If you have been following my daily Bitcoin analysis update, you should have been well-positioned to profit from this current bull run to the $10k region.
I predicted this move earlier on last week in my Bitcoin analysis titled “Warning: Massive Move Coming On Bitcoin In The Next 10 Days!” and since then, I have updated my readers on what Bitcoin as been doing, what expect and the likely target levels to aim for.
Well as of today, Bitcoin as smashed that $10,000 target level I was aiming for when this move started and the price is still pushing higher.
In this Bitcoin analysis, I will be taking a critical look at the current Bitcoin price action and giving you my honest opinion on the current bull run and if it can get to $20,000 soon.
Bitcoin Is Becoming Very Bullish
Bitcoin is finally picking up steam after months of lying dormant and practically doing nothing.
The cryptocurrency is currently forming what many crypto enthusiast believe to be the start of the next bull run.
And this is very important because, at this particular point in time, Bitcoin is also breaking through long term channel resistance on the weekly timeframe.
This resistance has been holding the Bitcoin price down for months now and breakout from it could signal a resumption of the bullish trend and a price surge to $20k+ in a matter of months.
Important Levels To Watch For This Bullish Forcast
The most important horizontal resistance level I am currently watching for this current bullish move is the $10,512 price region.
This region as acted as both support and resistance for the Bitcoin price in the past.
I believe if the price breaks through it with sufficient volume, then we might really start seeing very volatile and impulsive bullish moves by Bitcoin.
We might even see the Bitcoin surging to $100k region before the year ends.
Keeping An Eye On The Bearish Scenario
Even though Bitcoin looks very bullish right now, it is important to always look for trading opportunities to both the upside and downside. This way you can make money no matter what the market does.
For my bearish outlook, I believe that if the Bitcoin price is unable to break through and close above the $10,512 resistance level, we might see bearish pressure come into the market.
This bearish pressure would likely push the Bitcoin price back down to the $9,000, $8,000, or even as low as the $6,000 region.
However, my Bitcoin bias is still very bullish and I believe the Bitcoin price as more potential to keep on pushing higher especially now we have a lot of positive news and developments coming out for the crypto industry.
Not only that, investors are also currently dumping stocks, bonds, fiat currencies, and other risk assets and instead investing in gold, silver, and crypto.
This is having a lot of positive effects on the crypto market.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.