Bitcoin price breaks to $10300: Analyst predicts imminent drop

Bitcoin (BTC) is not the king of cryptocurrencies without any reasons. Bitcoin price has finally broken through the downward wedge triangles and is now headed towards new highs.

In the past twenty-four hours (24hrs) Bitcoin price has seen the high point of ten thousand four hundred and sixty-one dollars ($10461.09) at one point.

However, for the better part of the day, Bitcoin price has been hovering between ten thousand two hundred and eighty dollars ($10280) and ten thousand four hundred dollars ($10400) marks.

bitcoin price chart 12 september 2019Bitcoin price chart by Trading View

What’s next for Bitcoin price?

While the traders are rattled before the fast-approaching Bitcoin halving since Bitcoin prices are also affected by the fear-of-missing-out (FoMo). Analyst Josh Ragers, for instance, believes that the cryptocurrency is in an accumulation phase before the April 2020 halving.

On the other hand, the famous Bitcoin analyst BitFink has revealed that the BTC price is headed towards new highs; however, facing strong resistance.

After breaking out of the downward wedge triangle that has been keeping it in the nine thousand dollars to ten thousand dollars zone, Bitcoin price is standing at ten thousand three hundred and seventy-eight dollars ($10378) at the time of writing.

BitFink Bitcoin price chartBitcoin price chart by Trading View

BitFink believes that the BTC price is now breaking out to a new high, and likely to hit the all-time-high by the end of the year.

While on the other hand, in the short term, trading analyst TradingShot believes that the BTC price is going to take another “scalping action.”

Bitcoin price chart by Trading View

As evident from the chart above that the lower support in the four hours (4hr) zone stands between the nine thousand seven hundred and ninety dollars – nine thousand eight hundred and fifty dollars ($9790 – $9850).

Last time the price rebounded off that level, we had a 7-day consolidation within roughly nine thousand eight hundred dollars to ten thousand four hundred and fifty dollars ($9800 – $10450).

TradingShot believes that if nine thousand seven hundred and ninety dollars support ($9790) holds, the symmetrical pattern would repeat itself for good scalping returns.

The possibility is even stronger since BTC price also had a near-symmetrical rejection on the eleven thousand dollars ($11,000) one-day resistance last week.

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Saad B. Murtaza

Written by Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.