Bitcoin Price Rebounds Back Towards $10,000 But Predictions Aren’t Positive

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Bitcoin’s price is on the rise again after the leading cryptocurrency shed a lot of its value in the wake of a destructive hearing on Facebook’s proposed Libra cryptocurrency. Having reached $13,000 a week ago, Bitcoin’s price slumped to $9,200 yesterday.

Even with the US Senate hearing still on going, there has been some positive growth for Bitcoin, and the rest of the market which is seeing a wave of green. The price of the biggest cryptocurrency by market capitalization is now over $9,800 at time of publishing. 

However, the feeling from traders and analysts is mixed with most feeling this rebound may only be small, and may not, in fact, lead to bigger gains down the line. 

Bitcoin’s small rise

Bitcoin is up just about 2.5 percent over the last 24 hours, having even topped the $9,900 mark. However, as it has fallen back a few hundred dollars, it appears as if the $10,000 mark may be difficult to breach again.

This has led to some speculating that this current rebound may not be a full bullish rally.

Crypto trader and investor, Josh Rager, said in a tweet:

“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down. Watching the daily resistance area overhead in between $10,192 to $10,342 as potential short term top if price breaks above $9,830.”

The price did manage to break that mark, and as such, will likely encounter stronger resistance around the $10,000 mark and beyond. 

This prediction from Rager is fairly inconsequential on the grader scheme of things, but other analysts, such as veteran trader Peter Brandt, has even called for an 80 percent correction.

A jolt for altcoins

One good thing that has come from this latest yo-yo movement in the market is that a number of important altcoins have managed to gain a head of steam. Recently, there have been calls for an altcoin rally that has simply not been coming. 

The likes of Ethereum, up over six percent; Litecoin, up 15 percent, and even Bitcoin SV which managed to peak 10 percent in gains, have shown that there is still potential for growth in the altcoin market despite Bitcoin’s dominance. 

Again, it would be hard to call this a catalyst for a new altcoin season. But, Bitcoin dropping a bit while altcoins gains are in double figures may be good enough to keep that side of the market interesting to traders. 

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