- Bitcoin has entered a definite consolidation period as its price hovers over $11,000
- Bulls managed to Keep their power overnight, pushing BTC towards $11,200 as bears shed their service
- BTC’s overt strength in the current moment indicates It Is well-positioned to see additional afield upside
- One analyst can also be pointing towards the development of a specialized pattern as another Reason it may drive higher
- He notes that this routine may ship the cryptocurrency up to $14,000 at the weeks and days beforehand
Bitcoin has been revealing some extreme indications of strength during the last few days, as its price has been in a position to merge over $11,000 for an elongated period.
This is a good indication for its cryptocurrency, since it demonstrates that the transfer beyond $11,000 wasn’t a fluke but instead is emblematic of their electronic asset’s inherent strength.
One pattern which has emerged as a consequence of this consolidation stage appears to indicate a rally upwards towards $14,000 might be impending at the near-term.
This routine resolves in sharp bullish moves, and BTC probably won’t face any substantial resistance until it reaches that large price degree – supposing it can crack through the mid-$11,000 area.
Bitcoin Flashes Signals of Technical Power as Advisors Watch for Imminent Volatility
At the time of writing, Bitcoin is currently trading up 2% in its present price of $11,125.
That is about the price where it’s been trading during the previous several days, though it has been not able to garner sufficient purchasing pressure to propel it beyond here.
Despite this, analysts are pointing to a single pattern which appears to indicate another bout of volatility is impending.
While giving a graph showing this routine, 1 analyst explained BTC must observe some extreme volatility once a bull flag on its own hourly graph resolves.
“Bitcoin – should see some volatility soon as this pattern resolves itself,” he clarified.
Image Courtesy of Cheds. Chart via TradingView.
Breakout Rally May Send BTC Up Towards $14,000 in Coming Weeks
Another analyst recently pointed to some similar technological pattern in a current article, describing that provided that Bitcoin holds over $10,000, its high timeframe prediction remains bullish.
He explained that his upside goal now sits just under $14,000.
“BTC / USD: Waiting for continuation, its bull market season! $13,750 is the next target from here in my opinion. If PA pulls back, then holding $10,000 is still bullish HTF.”
Image Courtesy of Cactus. Chart via TradingView.
The way the standard cryptocurrency tendencies in the days and hours beforehand might have enormous consequences for its own outlook.
Featured picture from Unplash. Charts from TradingView.