Bitcoin analysts said that the critical point for BTC is $ 10,000. These experts announced that if Bitcoin falls below $ 10,000, the bull market will end and the wind will blow backwards.
Su Zhu, CEO of Three Arrows Capital, made a pretty bullish comment for Bitcoin on September 6. As a result of his own Bitcoin analysis, Zhu said that BTC is more likely to rise to $ 100,000 than to $ 5,000.
There was a reason Zhu made such a bullish comment. This is that Bitcoin has remained above $ 10,000 for a very long time. This may be the point where Bitcoin will gain strength during a possible bull run. Because Zhu thinks the support point at $ 10,000 is stronger than expected.
The Critical Point Is $ 10 Thousand?
Following Zhu’s comment, other analyzes supporting him were also made. BitcoinJack, one of the most famous Bitcoin analysts with more than 60,000 followers, said that the critical point for BTC bulls is $ 10,000. Jack’s analysis of Bitcoin dated September 11 was as follows:
“There has always been a relaxation when these points are reached in the past. But we did not go below this support when we were in the bull market. If this support is broken, we will face a much bigger problem. But it is very likely that this support will not be broken. ”
Bitcoin Jack made an analysis on the day that Bitcoin fell from $ 7,000 to $ 4,000 and said that “the bottom point was seen”. His analysis of Bitcoin dated March 13 turned out to be correct in the following weeks and BTC started to rise gradually.
CME Gap Remains Intimidating
It is known that there is a CME gap of $ 9.650 for Bitcoin. These gaps are formed by the difference between Bitcoin’s weekly closing price in CME and weekly opening price. Bitcoin generally tends to ‘fill’ these gaps, though not always.
However, Bitcoin investors are worried about a possible drop to $ 9.650. While such a decline is indeed possible, analysts remain optimistic for now. Analysts like Michael van de Poppe remind that support for Bitcoin at $ 10,300 is still valid.