Bitcoin
This Crucial Bitcoin Support Could Propel BTC as High as $11,500
Cole Petersen | Jul 09, 2020 | 18:00
- Bitcoin has stabilized following yesterday’s slight volatility, which allowed it to climb as high as $9,450 before hitting some notable resistance
- Bitcoin has now broken out of the tight trading range that it was previously caught within
- Analysts do believe that it is laying the groundwork to make a notable upside movement in the days ahead
- According to one well-respected options trader, this movement could send it as high as $11,500 due to the strength of one crucial support level
- If this explosive upside movement takes place, the entire crypto market will likely follow suit
Bitcoin is currently attempting to find some stability after breaking out of its long-held trading range yesterday.
The push past the upper boundary of its previous trading range at $9,300 is certainly a positive sign for buyers. However, BTC now faces resistance at $9,500, with even further selling pressure existing between $9,700 and $10,000.
It will undoubtedly be difficult for the crypto to surmount these levels, although one analyst does think it is possible.
While speaking about the benchmark cryptocurrency, an options trader explained that he believes it could soon explode up towards $11,500.
He thinks that one crucial support level will help catalyze this movement.
Bitcoin Show Signs of Strength Following Yesterday’s Move Higher
At the time of writing, Bitcoin is trading down marginally at its current price of $9,400. This is around the level at which it has been consolidating for the past day.
Although it has so far been unable to break above the resistance at $9,500, the move past its previous range high is a positive sign.
As for where the cryptocurrency could go next, it will likely depend on its ultimate reaction to the heavy resistance in the upper $9,000 region.
One analyst specifically thinks that its trend will remain unclear until it breaks above $9,600.
While speaking about this price level, the analyst noted that the crucial range as of now is between $8,900 and $9,600.
“BTC — in all seriousness… nothing really matters with Bitcoin between this range. Break above or below and close a Daily… 3 day…Weekly candle and then we have something notable,” he explained.
Image Courtesy of Chonis. Chart via TradingView.
Options Trader: BTC Poised to Make a Major Push Higher
One options trader recently put forth a chart with an $11,500 price target for Bitcoin.
If this target were hit, it would mark a fresh yearly high for the crypto.
As seen in the chart below, the support at $9,200 has become significant, and a revisit to this level could be all that is needed to spark a massive rally.
Image Courtesy of Chase_NL. Chart via TradingView.
How Bitcoin reacts to the critical levels it is hovering between should provide investors with greater insight into its mid-term outlook.
Featured image from Shutterstock. Charts from TradingView.
