- Bitcoin is surging higher after holding in the high-$11,000s for a number of days.
- As of this article’s writing, the leading cryptocurrency trades for $12,150.
- Although this is not much higher than the breakout zone at $12,000, analysts are optimistic about what’s next for the market.
- This rally was predicated on a surge of spot market volume, adding fuel to the case for upside.
- BTC is expected to move to $13,000 next, which is around where the next level of macro resistance lies.
- Bitcoin s ongoing rally seems to be influenced by a similar move higher in the value of gold.
Bitcoin Is Primed to Move Even Higher Than It Has
Bitcoin is primed to move even higher after breaching the pivotal $12,000 resistance, according to analysts. This is due to how important $12,000 has been to BTC’s price trajectory over recent weeks, acting as a rejection point for three separate rallies.
One trader shared the chart below as BTC began to scale higher on Monday morning. It shows that BTC has confirmed an ascending triangle, a textbook chart pattern often seen by analysts are bullish.
The breakout suggests a move to $12,600, the trader who shared the chart below explained.
Chart of BTC's price action over recent weeks with an ascending triangle analysis by trader 'Nebraskangooner' (@Nebraskangooner on Twitter). Chart from TradingView.com
Others are targeting $13,000.
As rapporteret af Bitcoinist tidligere, another trader shared the chart below. It shows a different iteration of the ascending triangle, and it predicts that Bitcoin will move towards $13,000 on the breakout.
Chart of BTC's price action over the past few weeks with an analysis by trader Cold Blooded Shiller (@ColdBloodshill on Twitter). Chart from TradingView.com
Little Resistance Until $13,000
$13,000 seems to be the level that many are targeting as there is little technical resistance until that level.
One historically accurate trader recently commented that $13,000 is in Bitcoin’s scopes. This came after he predicted last week’s retracement would bottom in the $11,100 region:
"Der er stadig masser af likviditet over os. Og den månedlige support er stadig support. Kort sigt tror jeg 11900 er muligt. Men som du ved, midtvejs sigter jeg stadig på 13k. Lad os se, hvor meget vi kan få."
This was echoed by Eric “Parabolic/King” Thies, a cryptocurrency analyst and indicator creator. He said that there is little macro resistance until $13,300:
"$BTC 1 mio. diagram. Nuværende pris $12,025. Modstande på $13.3k -> $14.5k -> $17.1k -> $19.5k. Tyreløb starter ved ny ATH... $20,000. Lad os køre."
How fast BTC gets there, though, is not yet clear. The asset is pushing higher as this article is being written, with money flooding in after Bitcoin reclaimed $12,000.
Udvalgt billede fra Shutterstock Prismærker: xbtusd, btcusd, btcusdt Diagrammer fra TradingView.com Here's Why Bitcoin Is Primed to Move Towards $13,000