Bitcoin has reached $10K in the last few hours. It has done so despite being outperformed by altcoins and a hint of the altseason holding it back. In the past, this has meant Bitcoin’s dominance plummeting and struggling prices. With the $10K psychological resistance now achieved many experts expect that Bitcoin will moon.
Bitcoin At $20K Coming Up?
Despite Bitcoin dominance dropping from highs of 70% to under 64% in the last few weeks, Bitcoin has continued to soar. Since the turn of the year, the digital asset has soared by more than 40%. And the bull phase could just be getting started.
The $10K position is set to usher in a new bullish phase. This time, BTC should surpass the 2019 year high of $14,000 and go on to retest the ATH of $20K. But before this, a correction is in order.
BTC seems to have stalled at the $10,100 position. The bulls need to find a higher resistance to avoid support below $10K. Every time BTC has a dramatic surge, it goes through a correction, and the higher the resistance the higher the support. At $10,100, a correction could see it fall back below $10K.
But like Ethereum which has been on an incredible rally, the digital asset could continue rallying fueled by FOMO to new highs without a correction.
Something tell me we will jump straight to $11,000 before a correction… we’ll see
— Ivan on Tech (@IvanOnTech) February 9, 2020
In fact, if the digital asset follows the same trend as that seen in the last few years, BTC could be gearing up to go parabolic.
In 2017 #Bitcoin went from $10,000 to $20,000 IN A FEW WEEKS!!
In 2019 it went from $10,000 to $14,000 IN JUST A FEW DAYS!!
Crossing $10K historically catapulted us quickly even higher…
— Bitcoin Liz⚡️🌪 (@LizBitcoin) February 9, 2020
This Is The Real Deal
In 2019, we saw a BTC breakout of $10K to reach a year high of $14,000. Unfortunately, this was a false breakout and due to lack of strong fundamentals, Bitcoin slipped back below this level. This time, Bitcoin is stronger than ever.
The network is now stronger than during the 2017 bull season, macroeconomics is supporting the rally, and as analyst Will Woo has been pointing out, fundamentals can confirm that this is the real deal.
This breakout is the real deal. Fundamental investment activity is backing this $10k breakout. pic.twitter.com/IDWmhXX2Mj
— Willy Woo (@woonomic) February 9, 2020
In addition to all this, Bitcoin’s reward halving is now weeks away.
In the next few days, it will be impossible for investors to take their eyes away from the market. The next key target is $14K.
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