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Bitcoin Just Broke a Multi-Week Descending Triangle; Analysts Target $15k

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  • Bitcoin is beginning to show some intense signs of strength after a prolonged period of consolidation within the mid-to-upper $11,000 region
  • This latest push higher has not done a ton to invalidate the weakness that the cryptocurrency was previously experiencing, as it has yet to push BTC past its key $12,000 resistance level
  • Analysts are noting that where it trends next may depend largely on whether or not buyers can shatter the selling pressure that sits at this level
  • This move was able to push BTC beyond the upper boundary of an ascending triangle, which could ultimately provide it with some serious near-term momentum

Bitcoin has been flashing some intense signs of strength throughout the past several hours, with its prolonged consolidation bout finally drawing to a close.

This momentum has yet to push the crypto above $12,000 however, and it remains in a somewhat precarious situation until this level is broken above and flipped to support.

One analyst is now pointing to a few factors that all suggest upside is imminent, including its ability to consolidate above $11,600 and the strength seen by Ethereum today.

These factors also come as Bitcoin breaks above the upper boundary of a descending triangle that analysts were watching. The break above this level may allow it to surge significantly in the near-term.

Bitcoin Breaks Out of Key Technical Formation as Analysts Target $15,000

At the time of writing, Bitcoin is trading up just over 2% at its current price of $11,900. This is around the price at which it has been trading throughout the past few hours.

It is important to note that today’s push towards $12,000 came about shortly after the cryptocurrency broke out of a bullish descending triangle pattern.

This has led one analyst to target $15,000.

“Break out of wedge confirmed. Send it straight to 15K,” he said while referencing a potential path forward that he outlined several days ago.

Image Courtesy of Kaleo. Chart via TradingView.

BTC’s Technical Strength Bolstered by Latest Push Higher: Analyst 

Another analyst also noted that this latest surge has bolstered Bitcoin’s technical outlook.

He believes that continued consolidation above $11,600 will help guide BTC significantly higher.

“Reached the $12,000 area that I’ve pointed since the low. Would like to see consolidation above $11,600 here. If that happens, we’ll most likely see a rally towards $12,400 and new highs. ETH already painting the way.”

Image Courtesy of Crypto Michael. Chart via TradingView.

How the market trends next will likely depend solely on how strong the resistance at $12,000 currently is.

Featured image from Unsplash.
Charts from TradingView.





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Bitcoin

BTC, ETH, ICP, AAVE, LUNA

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Bitcoin’s (BTC) recovery is facing stiff resistance near the $35,000 mark but Bloomberg Intelligence senior commodity strategist Mike McGlone remains bullish. In his latest analysis, McGlone said that the probability of Bitcoin hitting $60,000 is greater than the price dropping to $20,000.

Institutional investors seem to be using the weakness in Bitcoin to build their positions. Cathie Wood’s Ark Invest added more than 450,000 shares of Grayscale Bitcoin Trust in two separate buys in the past week, increasing their holdings to more than 9 million shares. In addition, Edge Wealth Management and Rothschild Investment Corp also added GBTC shares to their portfolio.

Crypto market data daily view. Source: Coin360

However, not everyone is so bullish on Bitcoin. Analysts at Delphi Digital have pointed out that Bitcoin is testing the support at the 12-month moving average and a break below it could result in further downside. Kevin Kelly, a certified financial analyst at Delphi Digital, said a break below $30,000 could prove to be bearish for Bitcoin.

If Bitcoin remains range-bound, traders are likely to shift their focus on select altcoins, which may surprise to the upside. Let’s study the charts of the top-5 cryptocurrencies that may continue to attract buying interest in the short term.