BTCUSD may encounter some difficulty breaking 10k
As I've mentioned in previous posts, BTC isn't a traditional asset in that it's exponential, as it should be --- the blockchain technology & multi-sided platforms grow exponentially.
Nevertheless, 10k USD is a very significant psychological barrier. It would be quite impatient to expect BTCUSD to break 10k like it's nothing, even though it has indeed done so at 6k 7k 8k and 9k. Precisely because it grows exponentially, what we should refer to is 5k, 3k, 1k...
If we look at BTC's growth from 1k, 7.5k in my opinion is the most likely point where it retraces to:
1. It was the high before the previous correction and provides good support.
2. It's the 0.786 level.
Today's growth should be considered an outcome of ETH stagnation: First, ETH took a break from its jump. Second, some money were fearful of imminent drop and moved back to BTC for safety. Third, as more people moved, it became a self-fulfilling prophecy. Fourth, positive feedback drove more people to the ETH->BTC flip.
I cannot foresee this continue.
There may be some further attempts at 10k, but I think the most likely direction BTC will follow is a quick, shallow retracement to 7.5k before springing back to break 10k. The faster this occurs, the stronger the move will be.
Nevertheless, the CME futures introduction is a source of uncertainty. It may help stabilize BTC price, which could have resounding effects on the entire market.
Nevertheless, 10k USD is a very significant psychological barrier. It would be quite impatient to expect BTCUSD to break 10k like it's nothing, even though it has indeed done so at 6k 7k 8k and 9k. Precisely because it grows exponentially, what we should refer to is 5k, 3k, 1k...
If we look at BTC's growth from 1k, 7.5k in my opinion is the most likely point where it retraces to:
1. It was the high before the previous correction and provides good support.
2. It's the 0.786 level.
Today's growth should be considered an outcome of ETH stagnation: First, ETH took a break from its jump. Second, some money were fearful of imminent drop and moved back to BTC for safety. Third, as more people moved, it became a self-fulfilling prophecy. Fourth, positive feedback drove more people to the ETH->BTC flip.
I cannot foresee this continue.
There may be some further attempts at 10k, but I think the most likely direction BTC will follow is a quick, shallow retracement to 7.5k before springing back to break 10k. The faster this occurs, the stronger the move will be.
Nevertheless, the CME futures introduction is a source of uncertainty. It may help stabilize BTC price, which could have resounding effects on the entire market.
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