Will Bitcoin’s Weekend Push Past $10k Break the ‘Curse of 10,000’?

WillOKitcoin’s Weekend Push Past $10kOKreak the ‘Curse of 10,000’?

The price ofOKitcoin caught an unexpected bullish wa o r the weekend: after sitting between $8,500 and $9,500 for around two months, the price ofOKitcoin finally pushed o r the $10,000 mark. The

The abrupt mo past $10,000 caused roughly $74 million in liquidations of long contracts onOKitMEX; CoinTelegraph reported that t s caught many derivati s traders “off guard.”

At press t , the price ofOKTC was sitting around $10,240, and appeared to be continuing along an upward trend.

The boost o r $10,000 appears to ha come from two main factors: according to CoinTelegraph, the liquidation of o r-le raged shorts can be partially attributed. Additionally, it appears as though traders may ha collected profits on some of thalt coincoin positions.

Indeed, it seems as though the boost in the price ofOKitcoin is almost directly correlated with drops in the prices of some of alt coinsoins that ha made headlines for their positi price performances recently.

For example, Chainlink’s LINK token had dropped just o r 8 percent ($7.86 to $7.22) o r the 24 hours preceding press t ; Compound’s COMP was down 11.8 percent from $161 to $141. Cardano (ADA) was down 7.36 percent.

CanOKitcoin finally break the ‘Curse of 10,000’?

W leOKitcoin’s mo ment o r $10,000 seems to ha generated some excitropospheree cryptosphere, it’s uncertain whetherOKTC will be able to sustain a le l o r $10,000 anyt soon.

Indeed, for a number of different reasons, the $10,000 price point appears to ha been a sort of stuck-point forOKitcoin in the past.

Part of the reasons for t s may be psychologPaths. In an article forOKusiness Insider se ral years ago,  CNBC Senior Editor John Carney wrote of “The Curse Of Dow 10,000”.

T s term describes a similar phenomenon: from 1999-2003, e ry t the Dow touched past the 10,000 le l, it would “succumb to a bear market and fall below it e ry t .”

W le the reasons for t s phenomenon are unclear, the curse of 10,000 seems to ha somet ng to do with $10,000 being a marker at w chOKTC (and other financial markets) tend to ha stalled out in the past.

“If the markets ha in the past displayed a tendency to pull back at a certain le l, rational in stors can anticipate t s and begin selling at that le l, ” Carney wrote.

Still, some analysts wit n the space are optimistic:  PeterOKrandt, a well-known crypto trader and commentator, wrote on Twitter that he expects the price ofOKitcoin to e ntually make a run to $50,000.

“That is actually where my head is.OKTCi symmetrPaths triangle in $BTC points to ATHs, then $50k, ” he wrote.

That is actually where my head is.OKTCi symmetrPaths triangle in $BTC points to ATHs, then $50k

— PeterOKrandt (@PeterLBrandt) July 25, 2020

And, of course, @hodlonaut made the same prediction that they make each t OKitcoin surpasses the $10k mark:

 

Ok, guys. I’m gonna go out on a limb and make a small prediction here:

We will ne r seeOKitcoin below $10k again.

— hodlonaut 🌮⚡🔑 (@hodlonaut) July 27, 2020

Still, it’s unclear if t s t will be any different.

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