- BTC is seeing a spike to resistances at $10,500 and could possibly be on its way to $20,000 (record high) if the Mayer multiple finds acceptance.
- The hourly chart is flashing signs of seller exhaustion, however, so a correction to $10,000 cannot be ruled out.
- A UTC close this week above the $11,097 line would abort the bearish view.
Bitcoin’s (BTC) surging price over the last hour is reminiscent of the bull market frenzy observed a year and a half ago.
With the Dow Jones futures market falling sharply Sunday night, along with S&P 500 futures and Nasdaq futures, as the China trade war escalates, following Friday’s big stock market declines.
After hiking China tariff rates late Friday, President Donald Trump said Sunday his trade war regret was not raising tariffs higher. Apple (AAPL), perhaps the ultimate China trade war stock, will be in focus. So will Boeing stock, Nike stock, Micron stock and Tesla stock.
Fears that the U.S. is going into a recession is forcing investors into safer assets such as Bitcoin and Gold.
Investors may have already priced in the tariffs, but the outlook for the China trade war and global economy isn’t promising.
The leading cryptocurrency by market value rose to $10,650 today. At that price, the cryptocurrency was up over 5% in the last 3 hours.
So, if history is a guide, then the fear of missing out might kick in leading to further price rise toward the record high of $20,000.