Bitcoin has bulldozed the $10K psychological price level before dropping back to $9,900. This move by Bitcoin had been predicted by Timothy Peterson of Cane Island Alternative Advisors. His prediction had set a mid-August date for Bitcoin breaking $10K.BTC has achieved this feat 3 weeks ahead of schedule. The VISA, Mastercard, Paypal and OCC news could be behind Bitcoin’s bullishness.
Sundays are usually slow days in the crypto markets with many traders expecting sideways movement from Bitcoin (BTC) or a catastrophic dip. However, Bitcoin has done the opposite only moments ago when BTC wicked hard from the $9,700 price level to $10,115 – Binance rate.
With this quick move, Bitcoin has broken the psychological price level of $10,000. However, the King of Crypto has since dropped down to $9,970 as crypto traders attempt to figure out BTC’s next move.
A $10K Bitcoin Had Been Predicted, But by Mid August
The exciting move by Bitcoin above $10,000 had been predicted by Timothy Peterson, an Investment Manager at Cane Island Alternative Advisors. Mr. Peterson had predicted that BTC would retest $10,000 by mid-August. His prediction was based on his use of Metcalfe’s law. He made this prediction on July 1st via the following tweet.
#Bitcoin #10KCountdown is inspired by this price prediction from a popular (but not knowledgeable) bitcoiner. Using Metcalfe’s law, I will show how predictable bitcoin’s price is (within statistical margins). We’re 49 days away. pic.twitter.com/VBnvNzsB0i
— Timothy Peterson (@nsquaredcrypto) July 1, 2020