Bitcoin Price analysis: BTC/USD recovery may be limited by $9,250

• A poker player explained how Bitcoin price may reach $1 million.
• BTC/USD may stop short of $9,250 as this area is guarded by strong technical barriers.

Bitcoin at $1 million is a far-fetched possibility

The youngest winner of the European Poker Tour (EPT), Mike McDonald, does not exclude a possibility of Bitcoin price at $1 million. However, this can happen only if a couple of governments collapse.

I don’t think $1,000,000+ btc prices will be possible without the collapse of some governments that no one thought could collapse and whether that happens in 2 years or 50 years will massively affect the timeline of when people start actually taking it seriously, he wrote in a recent tweet.

Notably, Mike McDonald also believes that Bitcoin will react negatively to the coronavirus outbreak due to increasing anti-risk sentiments.  

BTC/USD: Technical picture

Meanwhile, BTC/USD is changing hands at $9,150. The first digital coin has gained about 2% in recent 24 hours and stayed unchanged since the beginning of the day. Despite the recovery above $9,000 on Thursday, Bitcoin’s market share reduced to 63.6%.

According to Intotheblock data, about 74% of Bitcoin addresses are in the money now, which is a bullish signal. However, Bitcoin bulls may face a strong resistance on approach to $9,300 as there is a cluster of 850K addresses that have a break-even point around this level. Moreover, it is reinforced by DMA50 and 23.6% Fibo retracement for the downside move from July 2019 high to December 2019 low. This area may slow down Bitcoin’s recovery. Though, if it is cleared, the upside will gain traction with the next focus on $9,600.

On the downside, the critical support is created at psychological $9,000. The price touched this barrier during early Asian hours and recovered swiftly above $9,000. Once it is out of the way, the sell-off is likely to gain traction with the next focus on  $8,600 and $8,400.

BTC/USD daily chart