Cole Petersen’s analysis
Petersen starts off by noting: “Bitcoin has once again been caught in the throes of massive volatility, experiencing a parabolic price surge yesterday before plunging over 20%. This price action has led many investors to quickly flip bearish on BTC, but a bullish response to its latest drop could lead it significantly higher. Analysts are now noting that Bitcoin is still caught in a firm uptrend in spite of this recent volatility, which likely signals that it will continue climbing higher in the near-future.”
As Petersen posted his article a short while ago BTC was up four percent on the day at $11,850. The move up shows that bitcoin has support at around the $10,000 region. This likely signals that the price will continue upwards in the short term.
BTC is still up significantly over a one month period. It has risen from lows of $7,500 to recent highs close to $14,000. Looking at bitcoin’s macro price action it is clear that the bulls are still in control. Yesterday’s big drop could signal a healthy pullback that will be followed by a continued bullish trend upward.
Mayne, a popular cryptocurrency analyst claims that $9,500 is a key level for BTC to hold and that if it does hold above it, bitcoin could climb as high as $16,000 in the near future.
As the week ends and weekend trading starts, it is highly likely that both traders and analysts will soon have greater insight into whether there is enough momentum in BTC’s uptrend to propel it past its previous all-time-high of around $20,000.
Present situation
24 hours ago BTC was trading at $11,332. Since then it has gone as high as $12,443 and as low as $10,769 staying well above the $10,000 level. At 19:45 Central Daylight Time the price was still at $12,207 up more than 4 percent since its open a gain of $933.
Most of the top twenty altcoins are up. The present price of the top 20 altcoins plus bitcoin can be found here.
