Opinion: The probability of Bitcoin breaking through $10,000 in August is more than 90%

In the past three weeks, almost all indicators on the price technical charts have shown that Bitcoin has shown a price breakthrough. All these signals indicate that Bitcoin is in the outbreak stage and is expected to exceed the best position of $10,000. As early as January, many price predictions were extremely bullish, but after Bitcoin encountered "312", the market was full of doubts about these predictions.

Despite bullish analysts and traders, predictions on when or if Bitcoin will be able to rally above $10,000 have been elusive. But the market’s performance over the past three weeks has brought more certainty.

A cryptocurrency analyst said that there is more than 90% chance that Bitcoin will exceed $10,000 in August. His label for this tweet is price prediction, in which Bitcoin seems to have crossed the lowest price, which has been stable for a while. Bitcoin is heading towards this 90% threshold, and there is less than 10% chance that it will trade below $10,000 next month.

The stabilization of the altcoin market observed by other analysts also signals that price increases are imminent. Altcoins are not expected to stop rising anytime soon, in fact, many traders and analysts believe that the altcoin season has begun this month and could continue throughout the month, keeping Bitcoin prices high before a major price move. Bitcoin has faced strong price rejections at the $9,300 and $9,400 resistance levels, which is one of Bitcoin’s biggest challenges.

Clearly, buyers haven’t gathered enough momentum to put pressure on the $9,200 range, but a spark of high volume could allow Bitcoin to successfully complete its breakout journey. As of last week, Bitcoin’s dominance was around 64%, with a total market cap of $260.5 billion at this point. While the dominance rate has dropped to 62%, Bitcoin is still in a very promising phase.

At the time of writing, Bitcoin’s 1-day trading chart shows that the price is retesting previous support levels. Prior to this, bulls had already broken the $9,200 resistance level. The support level strengthened and the price jumped above $9,300. At this time, all bearish moves ended with a bullish engulfing pattern. But as the trading volume began to decline, the bulls encountered a strong price rejection at the highest trading price yesterday, pushing the price all the way down to the low end of $9,237. From now on, it is a 50-50 situation for bulls and bears. However, if the market continues to move sideways, Bitcoin may eventually move towards recovery.

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