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Analysis: If History Repeats, Bitcoin Price Will Never Go Below $10,000

An important technical indicator reveals that, if history is anything to go by, Bitcoin’s price shouldn’t go back below $10,000 ever again.
And while it seems like we’re a very long way from this mark right now, it’s important to keep things in perspective. After all, BTC was trading below this level less than 7 months ago.
Bitcoin Price Shouldn’t Go Back Below $10,000.
Bitcoin’s price has been on a face-melting bull run throughout the past couple of months. In fact, the last time it was trading below $10,000 was back at the beginning of September 2020 – about 7 months ago.
Now, one of the more popular analysts and bitcoin commentators, as well as a well-known proponent of the cryptocurrency, Carl ‘The Moon’ Runefelt, explained in one of his recent YouTub videos the reason he thinks bitcoin’s price will never go back below $10,000. At least, if history is any indicator, of course.
BTC/USD. Source: TradingViewAs seen in the above chart, one of the most strong indicators – the 200 weekly moving average (WMA), has been increasing steadily over the past months. Now, it sits above $10,000.
The Moon explains that this MA “seems to be the line of last support.”
“Tho HODLers are defending these levels and we can’t break it. We’re not able to break it. This means that […] currently the 200 WMA is at $10,000. So, logically, this means that the Bitcoin price can never again go below $10,000.”
Bitcoin’s Ascending History
Looking at the above chart, we can …
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