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Battling Bitcoin Ready to Break to $10,000?

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September 2, 2019 | 

Darryn Pollock |  0 Comments| 

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Having taken a sickening tumble in the last seven days that saw the price of the biggest cryptocurrency by market cap fall below $10,000, Bitocin is looking to slowly climb back to that important level. Last Wednesday Bitcoin fell quickly and severely, but since then it has been trading just above parallel in an upwards trajectory. 

The price took a small, steady, spike of about $200 which has analysts wondering if it is heading towards a potential $10,000 break out, and potentially even more. The price is now sitting at $9,800 having climbed $400 steadily in the last five days. 

The growth over the last 24 hours, with that small spike taken into account, is only just over two percent which is small, especially for Bitcoin, but it represents a counteraction to the downward trend seen last week.

Leaping forward

It is this steady growth and upward trend, no matter how small, that has some traders believing this could be the beginning of something bigger. The fact that Bitcoin is now just under the $10,000 mark alone usually means that there is a good buying opportunity which could lead to a spike in demand and a drive in the price. 

According to veteran trader Peter Brandt, Bitcoin may be in for something even bigger if the charts are to be believed. 

“Possibility that $BTC has entered fourth parabolic phase,” he Tweeted in response to findings from Global Macro Investor founder Raoul Pal. 

Pal had spelled out the chances for fresh Bitcoin upside more emphatically while presenting a yearly BTC/USD chart.

“If you don't have any bitcoin $BTC #bitcoin then this looks like the last time to board the rocket ship…,” he told followers. He added “I LOVE wedge patterns like this. They have a high probability of success.”

Altcoins follow the pack

With the movement in the charts being predominantly muted without much action based on catalysing news, it is unsurprising that the major altcoins are also keeping a low key. 

Most coins, having followed Bitcoin down to its fall below $10,000 are now also showing small gains and steady growth over the last five days. However, there are still some that are continuing to fall with Bitcoin;is influence not enough to pull them up.

The likes of Bitcoin Cash, Litecoin, and Ethereum are up slightly on the day, but then there is no good signs for XRP, EOS, and Binance coin who are seeing red.

The small growth in the cryptocurrency marjet has pushed the overall cryptocurrency market cap back over $250 billion, but Bitcoin is closing in on a big share of the market domiannce as it nears 70 percent, currently it is accounting for 69.5% of the total.

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