Bitcoin price gained 12% in the 24 hours through Thursday to approach $10,000 once again, but analysts warn of strong resistance.
Big Targets And ‘Secular Bull Markets’
As Bitcoin added almost 40% in February from lows of under $6000 in some markets, Max Keiser led cautious optimism, celebrating what he called the end of “secular bull market.”
Against BTC, Litecoin took an unlikely opportunity to post a new all-time high of 0.025, making LTC easily the best-performing altcoin asset in the top 50 by market cap in BTC terms.
Others echoed positive sentiment similar to Keiser’s “healthy pullback,” with investor Alex Gurevich commenting Bitcoin had “established a very solid bottom.”
“If it clears $10,000 now it should have an easy path to $50,000 this year,” he wrote in a social media forecast Wednesday.
Vays Urges Cap On ‘Greed’
Not everyone was so buoyant. Building on warnings from February 9 about price resistance at or just above the $10,000 mark, Tone Vays noted the strong series of four-hour candles could signal a several-candle capitulation phase, and that “caution” was due in the current uptrend.
Summarizing his analysis on Twitter Thursday, he advised traders not to be “greedy.”
#Bitcoin(ers) should NOT Greedy Here, $BTCUSD 4hr Chart is about to be on a 9 Sell next Candle (Note: Intersection Missing). It’s already in line with the 9 Sell on hourly & a potential 9 Sell on Daily at $10k [if we consider the random mid count price flip w/ a grain of salt] pic.twitter.com/aJHHW534wn
— Tone Vays [#Bitcoin] (@ToneVays) February 15, 2018
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