It?s been an exciting past week for BTC holders as the flagship crypto continuous to accumulate gains. After trading around $9,200 for weeks, the BTC/USD pair surged as high as $9,676 during Thursday?s session. The BTC price was then rejected at that high and trades below the $9,600 level, at press time.
Some believe this current correction is temporal as the flagship crypto still stands to rally even further, should it retest $9,700 in the coming sessions. According to one prominent crypto analyst, BTC?s medium term outlook depends on how it will react to the current price zone.
He claims a break above the $9,700 level will enable BTC to move towards $10,400 in the near term. On the other hand, a drop below $9,400 could lead the BTC price to test the $9,200 support. He added that the price could spike to $8,000 if it breaks below the $9,200 support.
Former Goldman Sachs partner, Kelvin Koh, who is currently a partner of The Spartan Group, has been highly bullish about the future outlook of the BTC price. He is expecting the flagship crypto to ?convincingly punch through $10,500? and head to $14,000 soon.
Meanwhile fundamentals also seem to support the predictions that, BTC could break the $9,700 barrier and continue higher above $10,000. Notable among them is the recent news from the U.S. Office of the Comptroller of the Currency (OCC). The OCC gave the green light on Thursday that U.S. banks can custody Bitcoin and other cryptocurrencies.
Many crypto enthusiasts expect the news to increase bitcoin and crypto adoption by retail users and institutions. Preston Byrne, a partner of Anderson Kill corporate technology group, is of the view that the news is extremely bullish for the crypto space. According to him, the faster the banks move into the crypto space, the more market share they will obtain.
Coin Center Director of Research, Peter Van Valkenburgh also argued that the entry of banks into the crypto industry will expand competition in the space and also allow more traditional institutional investors to deal in crypto.