Bitcoin (BTC), the largest cryptocurrency in the world, failed to surpass the $10,000 mark once again on June 10th. Due to this reason, analysts are now having mixed opinions about Bitcoin and how the cryptocurrency could continue to move in the coming days and weeks.
Mixed Reactions as Bitcoin Fails To Surpass $10k
Bitcoin surged yesterday, on June 10th, to almost $10,000. However, before even touching this price in some exchanges, the virtual currency fell immediately after to $9,700. Analysts are now sharing mixed opinions about what happened in the market with some experts considering that Bitcoin will finally be able to surpass $10k, while others believe Bitcoin can fall to $8,000 before surging above $10,000.
In a conversation with UseTheBitcoin, Konstantin Anissimov, Executive Director at CEX.IO, stated that there has been a lull in the crypto space due to the lack of significant news and movement drivers.
About the current general situation of the market, Mr. Anissimov mentioned:
“Generally, the current situation is quite similar to the traditional one, since summer is considered a rather sluggish period for financial assets. The uniqueness lies in the fact that despite all the negative consequences of the coronavirus pandemic, the collapse in oil prices – the markets weathered the storm quite calmly.”
Anissimov believes that cryptocurrencies have reached a limit and that Bitcoin could move back to $8,000 per coin in the near future. This is a correction that would help BTC to reach and surpass $10,000.
“It is quite possible that Bitcoin will move back to the mark of $8,000 per coin, and this correction will subsequently give a push to the upward movement of the main cryptocurrency beyond $10,000,” mentioned Anissimov.
The crypto analyst MrsBitcoin on TradingView shared with the community a very interesting chart in which she sees a possible bearish cross between the 20 MA and the 50 MA. The last two times that this happened Bitcoin fell substantially. This can take place in the near future, confirming what Anissimov said about Bitcoin falling to $8,000. MrsBitcoin has two main targets: $7,800 and $4,400.
Currently, Bitcoin is being traded around $8,800. Other virtual currencies are also operating stably in the last 24 hours. Only Cardano (ADA) is registering a movement larger than 1% after growing 1.61% in the last 24 hours. Bitcoin, Ethereum (ETH) and Litecoin (LTC) are operating in positive territory in the last 24 hours.