BTC price kicked off the day with a decent recovery wave above the $10,200 resistance but failed to build on yesterday’s momentum to surge past $10.5K.
The bulls battled hard to drive prices to a high of $10,492 before failing to gain strength for a further uptrend. The number one digital asset is currently correcting lower at its price of $10,305.
BTCUSD Chart by Tradingview
BTC price to Hold Above $10K
Despite today’s stalled momentum, one historically accurate trader known as “PentarhUdi” projects that bulls will hold the $10K level.
This critical level has come under siege from the bears on multiple occasions in the past few days but dips below it were supported by buying pressure.
PentarhUdi now says he is “sure” that the BTCUSD pair will stay above $10K and build on that support base for a further uptrend. This pseudonymous trader shared his sentiments on a Sep. 8 published to TradingView.
For some brief context, this particular trader is viewed as eerily accurate in the crypto sphere, having made several predictions that came true.
In a now-famous analysis, PentarhUdi projected that BTC would bottom near the $3,000 level in Dec. 2018. He then correctly predicted that the king coin would surge towards $15K in mid-2019, before slipping towards the $6,000s by the end of 2019.
This scarily accurate trader posted his latest prediction on Aug. 2, 2020, in the chart below. He says that BTC could hit $20K by October or November.
Analyst Mike Novogratz of Galaxy Digital shared a similar bullish sentiment for BTC. He commented:
“A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”
ETH Price Set for Liftoff toward $400
Meanwhile, ETH’s price recovered above the $350 resistance level in early trading and surged toward the $375 resistance level. The ETHUSD pair is currently correcting lower at its price of $369.
ETHUSD chart by Tradingview
Despite the current slip, the ETH price showed strength after it traded at a new weekly high of $377. This price action indicated that the asset’s recovery isn’t over.
If ETH can manage a weekly close above the $380 levels, it could gain momentum and rise steadily towards the $400 mark.