Bitcoin
Analyst: Breaking This One Level Could Send Bitcoin to $14,000+
Cole Petersen | Oct 11, 2020 | 16:00
- Bitcoin’s price has been consolidating in the time following its strong surge up to highs of $11,400
- The cryptocurrency has yet to revert any of these gains and appears to be gearing up for another big push higher
- Where the market trends next will likely depend on BTC, as it has been firmly guiding the altcoin crypto market
- One analyst is now noting that Bitcoin could soon see a move to over $14,000, but he notes that it first needs to post a clean break of $11,600
- He believes that it is more likely that it will face a rejection at this level and reel lower
Bitcoin and the entire crypto market have been caught in the throes of a consolidation phase in the time following BTC’s surge from $10,600 to $11,400.
This move was significant and seemed to indicate a trend reversal working in favor of buyers.
BTC’s momentum has slowed, but this may mark bulls’ attempt to garner enough support to spark a continuation of this uptrend.
One analyst is now noting that a move past $14,000 could be imminent in the near-term if the crypto can surmount $11,600.
Bitcoin Consolidates Following $1,000 Upswing
At the time of writing, Bitcoin is trading up over 1% at its current price of $11,410. This marks a notable surge from its daily lows of $11,200 that were set yesterday when bulls began losing their footing.
Bitcoin has remained strong despite bears attempting to thwart its uptrend. It is currently trading up nearly $1,000 from where it was just over a week ago.
This strength may extend further, as its ongoing consolidation phase does appear to be shifting the cryptocurrency’s trend and positioning it for further upside.
Analyst: BTC Could Break $14,000 if It Surmounts One Key Level
Despite Bitcoin’s slowing momentum as it hovers around $11,400, one analyst believes that it is on the cusp of potentially seeing significantly further gains in the days and weeks ahead.
He notes that it all depends on how BTC reacts to $11,600, a key near-term resistance level to observe.
“BTC: If $11,600 gets flipped I see a clean $14k+… Until then I think we reject/range around $11,600 and dump lower,” the analyst said while pointing to the below chart.
Image Courtesy of Mac. Chart via TradingView.
Because this level sits less than 2% above where Bitcoin is currently trading, a test of it could be right around the corner.
Featured image from Unsplash. Charts from TradingView.
