Analyst Who Called Bitcoin’s 2018 Bottom Thinks $11,500 Is Next
- Bitcoin has pressed higher after consolidating between $10,000 and $10,500 for five days.
- The leading crypto asset now trades for $10,550 as of the time of this article’s writing.
- BTC is far from in the clear due to this being a weekend move.
- Still, analysts are confident that Bitcoin moves towards $11,000 and beyond in the near future.
- This may be reversed if legacy markets open red during the Sunday evening futures open.
Bitcoin Could Soon Move Towards $11,500
Bitcoin is pressing higher after consolidating within a $500 price range for almost a week. As reported by Bitcoinist, just hours ago, the leading cryptocurrency broke above the pivotal $10,500 resistance, liquidating millions in the process.
Analysts think that Bitcoin is primed to move higher despite this move being so nascent.
On the ongoing move higher, one historically accurate trader remarked in reference to the chart below:
“looks to me like a lower timeframe ascending triangle breakout on $btc. technically i feel we have to be bullish again here. macro picture i’m unsure of now, just trading what im dealt.”
Chart of BTC's price action over the past week and then some with analysis by crypto trader SmartContracter (twitter handle). Chart from TradingView.com
The chart that the analyst shared indicates that Bitcoin will move towards $11,200 to $11,500 in the near future. This is because the cryptocurrency formed an ascending triangle, which is a textbook bullish pattern.
The analyst that made this call is the same one that in the middle of 2018 predicted that Bitcoin would bottom at $3,200. Six months he was proven correct when the cryptocurrency bounced at $3,150, then rallied over 300% in the months that followed.
Not the Only One That Thinks So
The trader’s assertion that Bitcoin moves towards $11,000 is in line with sentiments shared by a number of other cryptocurrency analysts.
Referencing the chart seen below, one trader noted that Bitcoin could move towards $11,200 if it closes above $10,450:
“No candle has closed below 10.100 in 7 days, good work of the Spartans. Now bulls need to close above to 10.450 to “confirm” a up move to 11.2k.”
Chart of BTC's price action over the past few weeks with an analysis by crypto trader Inmortal Technique (@inmortalcrypto on Twitter). Chart from TradingView.com
It’s important to note that weakness in the legacy markets on Sunday evening could harm Bitcoin. Whether or not that happens, though, remains to be seen at this point in time.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Called Bitcoin's 2018 Bottom Thinks $11,500 Is Next