Can Bitcoin overcome the level of $ 10,000? Expert Opinions

Within a few days of consolidation, Bitcoin was able to once again exceed the psychological mark of $ 9,500.

Monday, June 1, the largest digital currencyis trading at around $ 9,552, its market capitalization is approaching $ 176 billion. In recent days, trading in the cryptocurrency market takes place in the green zone, and BTC has every chance of taking the $ 10,000 mark in the first week of June.

Robert Slimer from Fundstrat GlobalAdvisors adheres to an optimistic scenario. In his opinion, the market is already preparing to exacerbate volatility. The result of the race can be not only the achievement of $ 10,000, but also the taking of a more important milestone in the region of $ 10,500.

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After that, the trend towards strengthening Bitcoin will become dominant, and the bulls will try to bring it to new heights. Many analysts point to the high value of the $ 10,500 mark.

The driver of market growth should once again beAsian and, above all, Chinese traders will speak out. The past few days have seen rapid capital outflows from the yuan, which has already fallen to its lowest level since 2008 against the dollar.

Growing threats of sanctions fromThe US is forcing investors from the Middle Kingdom to switch to alternative instruments. The gain from such dynamics will be bitcoin, previously repeatedly pulled ahead at the time of the fall of the yuan.

Analysts point out the importance of the bullish closing of the monthly bitcoin candle in May

The May candlestick on the Bitcoin chart closed above the level of $ 9,360. According to one of the analysts, this is an important technical factor for the further implementation of the bullish scenario.

“The monthly candle did not close above $ 9,360 for almost 12 months”, writes analyst @ColdBloodShill.

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As you can see in the chart above, a close above this level in the past was accompanied by growth to $ 20,000 and $ 14,000. Failure near it, including this year, twice led to a drop in prices below $ 4,000.

Analyst Eric Thies also draws attention to the significance of the level of $ 9,300.

“Bitcoin is ready to break out of the downward channel, which has stopped growth since the beginning of 2018. Closing a monthly candle above this level is an extremely important signal for the bulls. ”- he notes.

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At the same time, the analytical service Glassnode draws attention to the fact that over 60% of bitcoin emissions did not move for more than one year.

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In such volumes, investors have not kept cryptocurrency since 2016, preceding its rise to historic highs.

Bitcoin at the time of publication is trading at $ 9,552, adding 8% over the past week.

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