Bitcoin value Builds Momentum on top of $9,000, ready for 6% Jump

Since reaching $10,500 last week, Bitcoin (BTC) is in a quiet state, trading within a narrow range between $9,000 and $9,500. At the time of writing this article, the leading cryptocurrency is changing hands for $ 9,250, quoting 1% on the day.

According to many analysts, this rapid consolidation, which as some ask BTC to return below $9,000, is a sign that a short-term recovery is internal. A rally that could once again bring Bitcoin closer to $10,000.

Bitcoin can see a 6% rally

The analyst McN recently argued that the price action of the "very messy cluster" of Bitcoin is currently being formed in a "textbook bomb setup" with the market starting to have a higher trend in a narrow channel. He said that since the cryptocurrency does not "break for so long," he is inclined to suggest that the move to $9,550, 3% more than the current price, is "very likely."

He said that tomorrow, Saturday, the range / channel would be tight enough to allow Bitcoin to bounce more towards its target.
The turtle trade echoed this observation. He commented in his own analysis that the cryptocurrency recently broke above a descending channel in its chart, a strong movement in the coming days. He said that once BTC sees a four-hour candle or daily about $9,225, he will be sure that a 6% jump to $9,750 is next, and that last week’s price action was just “consolidation of the bullish flag. "

Still Not Long-Term Bullish

However, not everyone believes that Bitcoin is a long-term bullish.

In a recent report, Bloomberg wrote that Bitcoin's inability to exceed $10,000, or at least above that key price point, indicates that "difficult times may pass". The media stated that "for many investors, this will have to be significantly relaxed". Historical price patterns suggested to confirm that recovery can continue.

Sean Cruz, commercial strategy manager for TD Ameritrade, echoed this line in an interview with Bloomberg. He said the fact that $10,000 had become an important psychological barrier for Bitcoin, and therefore would require breaking the past to confirm more bullish trends.

In addition, a popular analyst known to Trusted Crypto said earlier this week that unless BTC clears the $10,300 area, which is a significant historical level, there is no need to get too excited. In fact, it went so far as to say that the recent movement is "just a recurrence of a recession" and that the "new local minima" are still on the table.