[2019-05-13] BTC Price Uptrend Despite Recent Correction

[CryptoBry]

Bitcoin price rallied to a new 9-month high towards $7,500 before correcting lower against the US Dollar. The price declined below the $7,000 support level, but it found strong bids near $6,750. There is a new connecting bullish trend line forming with support at $6,940 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently in an uptrend and it is likely to climb back above $7,200 and $7,250.
Bitcoin price corrected sharply from $7,500 against the US Dollar. BTC tested key supports and it seems like it could bounce back above $7,200 in the coming sessions.

Source: https://www.newsbtc.com/2019/05/13/bitcoin-btc-price-uptrend-intact-7500/

The slight correction pull back the price of Bitcoin to the $7,000 level but according to many analysts I have read this can just be a temporary as Bitcoin might soon be going beyond the $7,500 level. I am sensing that there is a strong possibility that within this month Bitcoin can go ahead ang break the $10,000 level. Do you think it is possible?

[Lucius]

In little more than a month price is jumped from $4000 to $7500, casual corrections are quite normal just because on every level a certain number of people is selling and taking profits. Price is now $7100 and new week could bring new excitement, so it is possible to see $10 000 even in this month. However somehow it seems to me that it would be too much growth in very short period of time, and with few corrections on that path $10k still seems a little further away.

Achievement of $10k would mean a lot in the psychological sense, especially if it would be accomplished in such a short period of time.

[LeGaulois]

I would call it a small correction still... $500 within 24h while it was crawling at $4,000 not long ago and now up by ~50%. It's not a general trend as well. It's just happened yesterday, you never know what can happen this week, let's see how it goes. Anyway, I'm still happy lol, it remembers me 2017.

Edit: see yourself, we're back to $7,400 right now.
To the moon sir! 

[Kemarit]

It's a healthy correction, I'm sure that there are investors who panic when the price goes to $6800, but smart investors knows that it's better to have this kind of retracement before we can go to the next level. $8000 is plausible and then the next great barrier of 5 digits is on the horizon. Let's see how this run and where it end again before another pullback is seen.

[vit05]

I believe that Bitcoin will have an even stronger fix, yet still the signs indicate a good market sentiment. The expectation is about what will happen with the Alts. That they are not yet following this rise of Bitcoin.

[webtricks]

Achievement of $10k would mean a lot in the psychological sense, especially if it would be accomplished in such a short period of time.

$10K level is very optimistic for Bitcoin. It took only 6 days for Bitcoin to reach $15K when it crossed the barrier of $10K for the first time on Nov 28th. After the disappointment of last year, we are in bullish run once again. Hence there is quite positive atmosphere in market. If in such scenario, btc jump past $10000 once again, it will surely trigger market like Dec 2017 and we can see 30-40% rise in a week thereafter. However, it would be better if we move steady after entering 5-digits value, no one would like to see another setback and collapse of 85% of the value.

[Naida_BR]

In little more than a month price is jumped from $4000 to $7500, casual corrections are quite normal just because on every level a certain number of people is selling and taking profits. Price is now $7100 and new week could bring new excitement, so it is possible to see $10 000 even in this month. However somehow it seems to me that it would be too much growth in very short period of time, and with few corrections on that path $10k still seems a little further away.

Achievement of $10k would mean a lot in the psychological sense, especially if it would be accomplished in such a short period of time.

I can say that 10k until the end of May is achievable with the pace that the bitcoin price is increasing.
There will be another correction in the next days but I don't think that investors are going to panic from that. We are in a good upward trend and everything seems optimistic for further increase.

[BitHodler]

I can say that 10k until the end of May is achievable with the pace that the bitcoin price is increasing.

That's an understatement. Bitcoin today from its low to high went up like ~$1200 which is a mad gain. It really looks like $8000 will be cracked in the coming few hours and who knows what's next.

There will be another correction in the next days but I don't think that investors are going to panic from that. We are in a good upward trend and everything seems optimistic for further increase.

I expected a correction from the $7000 mark with how weak the support was getting, but it got an unexpected boost. I will refrain from making calls because the market shits right in my face due to its current fomo state.

Being a hodler in my case means hodling firmly through good and bad times, and that helps me not selling anything. I however spent a small fraction on Purse this weekend and bought a new HDD with a sweet discount.

[LeGaulois]

"THE" correction will come and it won't be just a $500 one. We will receive a slap soon enough, it could be ~$2k-$3k correction. The question is when? Because the price won't be able to continue like this. Look at now $8,100, if it continues the $20,000 will be hit this week. We know Bitcoin can be surprising but being realistic we know it's not possible (or Santa Claus is real?)

[Lucius]

LeGaulois, there is no doubt that a correction will occur at one point, but if we are in serious bull run as was the case in 2017, then this is still far from the end. For me personally the key moment should be at $10 000, if we manage to break through that psychological barrier mainstream media will add more oil to the fire and probably create new FOMO.

If we assume that money which is the cause of such a strong price rise is coming from big investors, small ones are still waiting a sign to join. It all depends on buying power and determination of bulls to crash any resistance that is created on the way up.