Bitcoin Rockets Past $10,000-And Wall Street Investors are Expecting More Upside

[CryptoInvestor]

Bitcoin Rockets Past $10,000—And Wall Street Investors Already Expect More Upside

June 02, 2020

Nick Chong Contributor
Crypto & Blockchain

I am a crypto writer focusing on the financialization of Bitcoin.

After consolidating under $10,000 for ten days, the Bitcoin price experienced a strong breakout past this crucial resistance on Monday evening.

Data from TradingView.com shows that the flagship cryptocurrency broke from $9,600—where it spent most of Monday’s trading session—to a high of $10,429 on the Bitstamp cryptocurrency exchange. $10,429 is the highest Bitcoin has traded since the February 2020 highs of $10,500.

Over the hour this surge took place, $123 million worth of short positions were liquidated on BitMEX alone, according to data shared by crypto derivatives platform Skew.com.

Considering that BitMEX makes up just a portion of the crypto derivatives industry, the cumulative value of contracts liquidated likely stretches into the hundreds of millions.

Prominent Wall Street Investors Expect More Upside

Prominent Wall Street investors-turned-crypto bulls are already expecting more upside.

An hour before BTC moved past the $10,000 price point, Galaxy Digital’s Michael Novogratz wrote that once “$10k goes it will move fast,” adding that investors should “get on the train.”

Over the course of the past two months, the former Goldman Sachs GSBD partner has made multiple mainstream media appearances claiming that the monetary and fiscal stimulus that central banks and governments are spearheading will act as a catalyst for BTC to move higher.

He has also mentioned the Bitcoin block reward halving as something that strongly adds to the cryptocurrency’s bull case.

Equally as bullish is Raoul Pal, CEO of Real Vision and the former head of Goldman Sachs’ hedge fund sales operation in Europe.

The investor shared a chart shortly after the surge past $10,000 transpired, attaching the comment “No big deal.” The chart depicted Bitcoin’s price breaking past a technical downtrend that formed in the wake of the $20,000 all-time high.

As of the time of this article’s writing, Bitcoin trades just dollars shy of $10,200.

https://www.forbes.com/sites/nickchong/2020/06/01/bitcoin-rockets-past-10000-and-wall-street-investors-already-expect-more-upside/#2e9c9bbf20e5

[trauchot]

Bitcoin again pleased us and I think this is only the beginning, of course it seems to me that bitcoin has grown to 10k$ due to various protests that are now taking place in America, but this is of course purely my opinion.

[alltalk]

Actually, I am not surprised if Bitcoin passed $10,000 today as the price can survive above $9,000 after halving. Indeed, it showed that the investors still have spirit and interest to buy more Bitcoins because of expecting another bullish this year. As long as the Bitcoin price didn't continue to drop after halving, we surely have a chance to see the Bitcoin price to rise up again. Well, finally, it is real that Bitcoin can improve its price again, passing $10,000 and potentially achieves the next level. I agree with @trauchot, it is likely still the beginning. Bitcoin probably can continue to higher rates constantly till 2021. However, it is a prediction, don't trust me 100%. DWYOR

[mlawson71]

Let's see whether or when it will rally to or even above $20,000.

[mlawson71]

It is back below $10,000, that's very disappointing.

[UNIVERSE]

It is back below $10,000, that's very disappointing.

Be patient, it will be above $10,000 again. We just need to wait for the next pump. I think we have a chance of the price above $10,000 this week. But it may happen at the end of this week, so just keep holding bro.