Investors wasted to no time rushing back to the crypto asset on rumours revolving around Facebook launching its own cryptocurrency. Market optimism about Bitcoin and other cryptocurrencies becoming widely accepted and adopted by mainstream entities could inspire bulls to target $10,000 in the medium to longer term. While the path of least resistance for Bitcoin currently points north amid the positivity, investors should not overlook how inherently volatile and unpredictable cryptocurrencies can be.
Focusing on the technical picture, BTCUSD remains bullish on the daily charts. A solid daily close above $9300 should invite a move higher towards $9500 and $9700, respectively. Should $9000 prove to be unreliable support, Bitcoin is seen sinking back towards $8000.
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This article was originally posted on FX Empire
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