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Bitcoin price prediction: price rallies toward $10,000

Sanmi Adeagbo | Jun. 21, 2019
Bitcoin price prediction: price rallies toward $10,000

Bitcoin rallied to $9,700 early on Friday as the bulls push price further upside. Will the rally continue to $10,000 in the coming hours or days?

Cryptocurrencies continue the bullish recovery as most of the top-ranked digital currencies move very close to their 2019 highs. Bitcoin, on the other hand, is leading the way having already hit new highs after breaking above the previous $9,100 high. The $10,000 price target is just a minor swing away. BTCUSD recovery already surpassed the 38.2% retracement of the 2018 bearish dip and very close to the 50% mark.

The cryptocurrency market cap is about to hit the $300 billion mark for the first time in 2019. Bitcoin is not the only gainer on Friday at the time of writing. All the cryptos in the top 7 have had significant gains ranging from 1% to 7.5% in the last 24 hours. The bullish rush is here again and new investors will be coming in to take a share. Could that pose a threat?

Bitcoin scam threats

With the new optimism in the market, Bitcoin is expected to get stronger. However, in a time like this, new scams will surface to swindle gullible investors of their hard-earned money. These scams create dubious crypto projects and promote them using influencers. A popular Bitcoin enthusiast Andreas Antonopoulos has warned old and new cryptocurrency investors to beware of these scams as they are about to hit the market. In a thread of tweets, he says:

''It's been about a month since this new wave of scammers started up again. Last time was August-December 2017. The price dump in crypto made them go away and now they're back''

This trend started about a month ago. Like it happened in November/December 2017, new investors are coming in for the fear of missing out (FOMO). If the scams have their ways, the crypto market could, therefore, be close to a reversal price level where we might see a major corrective dip. 

Bitcoin analysis: Elliott wave perspective

The bullish trend from 3,100 looks healthy. It's developing into a clear impulse wave. In the last update, we expected a break toward $10,000 after a sideways move between $9,000 and $9,500. The chart below was used.

The breakout eventually happened and Bitcoin currently exchanges for $9,700 as the new chart below shows.

From wave 4, price is completing an impulse wave toward $10,000. Whether this will be the end of wave 5 or the first wave of wave 5 remains to be seen. However, there might be some kind of resistance around the $10,000-$11,500 zone.

 

 

 

 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.