Bitcoin Price Prediction: BTC/USD Surges to $11,400 High, Resumes Upside Momentum

Bitcoin (BTC) Price Prediction – October 10, 2020
BTC/USD rebounded above the $10,800 support to break the $11,000 resistance. The momentum extended to break the resistance levels of $11,100 to $11,300 as price reaches a high of $11,500. Meanwhile, BTC has retraced to $11,342 at the time of writing.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Bitcoin bulls have made impressive moves as price breaches the resistance levels. The bottom line is that the recent uptrend must be sustained above $11,300 to continue the upside momentum. The upside momentum will now resume as the $11,100 to 11,300 critical support levels have been cleared. Meanwhile, as price approaches the resistance at $11,500, the stochastic indicator is signaling price reaching the overbought region. In the overbought region, sellers may emerge to push prices down. BTC price is likely to resume uptrend after the retracement. The current upward move is likely to face resistance at $11,500 and $11,800 before facing the overhead resistance at $12,000.

US Presidential Election may affect the BTC price
The US presidential election is holding in November as two crypto traders shared their predictions on Twitter on how the Bitcoin price will react. Accordingly to Coin telegraph news, the tweet indicates as follows: “If we have a clear winner and an easy transition of power, I do not see much of an impact on the price per coin,” trader “BigCheds” told Coin telegraph. “On the other hand, if we have a close and/or contested election, we should see a bounce in risk-off assets like gold and Bitcoin.”

Another Twitter trader put it this way: “This election year is certainly different considering what we have seen in the past due to the pandemic and the global economy taking a toll,” Twitter trader “CryptoWendyO” told Coin telegraph. “With an event like COVID, one would assume that Bitcoin would pump due to financial market uncertainty, however, we are not seeing that,” she said. Meanwhile, the US government has delayed the stimulus money they promise because of COVID-19 which will come after the election. The mainstream markets and crypto markets both reacted to the news that the president has refused approval. This in effect will affect Bitcoin’s price if approved.

BTC/USD – Daily Chart

From the price action, Bitcoin is likely to retest the $12,000 overhead resistance as the market resume upside momentum. On September 19 uptrend; BTC was resisted at the $11,185 high. The retraced red candle body tested the 38.2% Fibonacci retracement level. It indicates that the market will rise and reach the level of 2.618 Fibonacci extension . In other words, the coin will reach a high of $13,235.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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