Overcoming the level of $ 9,500 will launch a new BTC rally

After lowering bitcoin to $ 8,180 on the day of halving, in the morning of May 13, the price recovered to $ 8900.

Although this growth of 10% andwas impressive, traders do not rule out a new “strong surge” in the event that Bitcoin can take as important a support as $ 9,500 as support.

The $ 9500 level will open a new Bitcoin rally

One well-known market analyst recently suggested that the return of bitcoin to $ 9,500 will increase the chances of a “significant surge."

MacroScope hinted that this is the price point where investors can feel FOMO and rush to invest in bitcoin, pushing the price:

“If Bitcoin returns to $ 9,500, the probabilitya serious surge will increase, and investors will "catch the exposure." The confluence of factors such as the Fed, halving, Tudor Jones probably suggests that there are more observers of the situation than ever. Big money will not sit still if prices run. ”

If BTC pops back to 9500 area, possibility of major spike higher as guys grab exposure.Confluence of factors including Fed, halving, Tudor Jones means more eyes watching than ever.Lots of money out there that won’t sit still if price starts to run away.

- MacroScope (@ MacroScope17) May 13, 2020

However, not one MacroScope thinks $ 9500 isan important omen for the bulls. For example, an analyst at CryptoHornHairs says that bitcoin is still being traded on “no man's land”, but a breakthrough of up to $ 9,500 may change things:

“In my opinion, judging by the one-day schedule,no changes in the market structure yet. Bitcoin closed below $ 8529. The movement on the one-day chart is bearish; the first target is $ 7800. If there is a breakthrough above $ 9,500, then I will look at new highs above $ 10,000. "

$BTC No man’s land

No break in market structure by my rules yet on the 1D.

Close below $ 8529 and 1D flips bearish and first target is $ 7.8k.

Break back above $9.5k and I’m gunning for new highs > $10.5k.pic.twitter.com/VwimkLOB5e

- HornHairs? (@CryptoHornHairs) May 12, 2020

What will push bitcoin to $ 9,500?

As you can see, analysts are still confident that a number of technical and fundamental factors will help Bitcoin overcome the critical resistance level of $ 9,500 and higher.

Well-known trader @GalaxyBTC said recentlyon the weekly chart, bitcoin showed exactly the same trend that marked the beginning of the 2019 rally - 7 weeks of consistent growth, and then the doji candle at the top of the trend.

In 2019, after the emergence of such a trend,there was a price increase of 160% over the next 3 months. It also means that the main cryptocurrency could reach $ 20,000 by the end of 2020, if history repeats itself.

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